BELARUS NEWS AND ANALYSIS

DATE:

12/01/2009

IMF gives final approval to $2.46 bln loan to Belarus

By Greg Robb

WASHINGTON (MarketWatch) - The executive board of the International Monetary Fund on Monday gave final approval to a $2.46 billion loan for Belarus. The loan was anticipated after Belarus President Alexander Lukashenko instituted a 20% devaluation of the Belarussian currency at the start of the New Year, saying it was a condition for an upcoming IMF loan. Eastern European and former Soviet bloc states are being hit hard by the global financial crisis. Belarus can access about $788 million immediately. The remainder will be released quarterly. IMF officials have been pressing the G-7 to agree to a substantial increase in its lending ability. They have argued that investors have pulled back funds from emerging economies, which will cause great harm unless the IMF can step in.

Source:

http://www.marketwatch.com/news/story/imf-gives-final-approval-246/story.aspx?guid={D4419EEA-B175-4F15-98D3-1189831A3B06}&dist=msr_1

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