BELARUS NEWS AND ANALYSIS

DATE:

10/06/2009

IMF set to raise Belarus loan by $1 bln

MINSK, June 10 (Reuters) - The International Monetary Fund is set to increase its standby loan programme to Belarus by $1 billion to $3.4 billion, the Fund's local office said on Wednesday.

"Fund officials are recommending to the IMF board of directors to increase the size of support for Belarus by about $1 billion," the office said in a statement quoting its representative, Chris Jarvis.

"This increase is based on the fact that Belarus's needs are greater in connection with the global economic crisis and also because the government and central bank are making serious efforts to solve these problems."

Exports have fallen over 40 percent from the former Soviet republic since the beginning of the year as the European Union and Russia -- key buyers of Belarussian goods -- suffer from the economic crisis. This in turn has put pressure on the Belarussian rouble.

The currency was devalued by 20 percent against the dollar at the beginning of the year as part of IMF conditions. The first tranche of the IMF loan amounting to $788 million was then released.

Belarus had been expecting a second tranche of about $400 million this month or next. The IMF now says that second tranche could be worth $675 million.

Source:

http://www.guardian.co.uk/business/feedarticle/8551202

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