BELARUS NEWS AND ANALYSIS

DATE:

12/01/2009

IMF approves $2.46 billion loan to Belarus

The Associated Press

WASHINGTON: The International Monetary Fund has approved a $2.46 billion loan to Belarus to help it deal with the effects of the global financial crisis.

The decision by the IMF executive board Monday means that Belarus gets access immediately to $787.9 million and likely opens the door to funding from other bilateral lenders.

"The main objective of the IMF-supported program are to facilitate an orderly adjustment to external shocks and to address pressing vulnerabilities," the IMF said in a statement. "To this end, the program contains strong macroeconomic adjustment measures and addresses a number of structural issues."

The IMF's deputy managing director and acting chairman, Takatoshi Kato, said Belarus is experiencing serious economic problems.

He said among the country's economic vulnerabilities are declining trade and difficulty in securing external finance. He also said the country's economy is likely to slow in 2009.

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Several countries, including Pakistan, Iceland and Hungary, have sought help from the IMF to weather the global financial credit crunch.

Belarus recently announced a $2 billion loan from Russia to help stabilize its Soviet-style economy. The government has spent its gold reserves in a furious effort to support the Belarusian ruble.

The United States and European Union have criticized President Alexander Lukashenko for his 14-year iron-fisted rule of Belarus.

Source:

http://www.iht.com/articles/ap/2009/01/12/business/NA-US-IMF-Belarus.php

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