BELARUS NEWS AND ANALYSIS
DATE:
15/05/2009
Belarus Deputy Econ Min:No Imminent Need For More External Funds
By Joe Parkinson and Alexander Kolyandr
Of DOW JONES NEWSWIRES
LONDON -(Dow Jones)- The Belarusian government sees no need for further external emergency financing to ride out the economic crisis as long as demand in European and Russian markets holds up, Deputy Economy Minister Piotr Zhabko said Friday.
"We hope the economic situation in Russia will improve and the European Union demand for our products will stop stagnating - and then everything will be fine," Zhabko said during a presentation at the European Bank for Reconstruction and Development's annual meeting in London.
However, the deputy minister added that "if there is a need [for further external financing] then the international institutions will help."
Since the economic crisis gripped markets in the summer of 2007, Belarus has become reliant on foreign financing, with money pouring in from global lenders such as the International Monetary Fund as well as from neighboring Russia, its main energy supplier.
The IMF approved a $2.46 billion financial rescue package for Belarus on Jan. 12, 2009. Belarus has already received the first $788 million tranche and the rest is set to be released over the next 14 months.
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