DATE:
12/01/2009
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.
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