BELARUS NEWS AND ANALYSIS

DATE:

07/11/2008

Imf to Continue Consultations With Belarus on Loan

MINSK. Nov 7 (Interfax) - The International Monetary Fund (IMF) will continue consultations with the Belarusian government on providing a stabilizing loan, a source with the IMF office in Belarus told Interfax.

"Discussions will in particular continue next week," the source said.

Juha Kahkonen, a high-ranking official from the IMF European Department, will arrive in Minsk on November 8 to support the fund's mission, which was due to end on November 6.

It was reported earlier that the Belarusian government and the National Bank asked the IMF to provide a $2 billion backup loan, explaining this by the need for a 'safety cushion' for the national economy in conditions of the on-going financial crisis.

According to IMF evaluations, the crisis had impacted the Belarusian economy and its access to external financing, while the changed foreign trade situation had a negative influence on the country's balance of payments. This happens against the backdrop of falling prices on mineral fertilizers and petrochemicals, which Belarus exports.

Source:

http://www.istockanalyst.com/article/viewiStockNews+articleid_2780081.html

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