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Head of the IMF mission Chris Jarvis, summing up the regular mission on Belarus on March 5, noted, among other things, some hasty decisions of the National Bank of Belarus. Thus, according to Chris Jarvis, the refinancing rate reduction to 38% was premature.
Chris Jarvis explained that the refinancing rate could be lowered subject to reduction of the basic interest rates of the National Bank, as well as interest rates on loans. In other words, this requires better stability of the financial system and lower inflation expectations of the population, BelaPAN .
After increasing the refinancing rate (it was raised 12-fold in 2011), the National Bank of Belarus reduced it from 45% to 43% per annum in February, and down to 38% on March 1.
Chris Jarvis also noted the low level of international reserves in Belarus. In this connection, the head of the IMF mission believes the country will need additional funding even if the right policy is pursued. According to Chris Jarvis, the received funds should be sent to build up reserves and to ensure greater reliability of the country's external position.
"It would serve as a basis for the IMF possible financial support under the new program," said Chris Jarvis.
The head of the IMF emphasizes that the fund does not practice the refinancing of the old debt to borrowing countries. Belarusian authorities asked for such an opportunity once (the country's credit amounted to nearly $8 billion on February 1, 2012).
"We see the whole balance of payments and determine the level of necessary support," said Chris Jarvis.
As Telegraf previously reported, Belarus applied again to the International Monetary Fund for financial support. March 5, Head of the IMF mission in Belarus Chris Jarvis said that Belarus would have to adopt a comprehensive plan and take the path of fundamental reforms to hold talks on the program.
The next full-scale IMF mission is planned in Belarus in October to discuss the budget with the Belarusian authorities for 2013.
