(RTTNews) - The International Monetary Fund on Thursday said it has reached a staff-level agreement with Belarus as part of its third review of the country's Stand-By Arrangement. Upon the completion of the review in December, the lender said Belarus would receive US$ 700 million under the arrangement.
The IMF noted that the country's performance under the economic program supported by the SBA were good, and all the September-end performance criteria and benchmarks were met. Meanwhile, the IMF pointed out that prudent fiscal and monetary policies would help narrow the current account deficit and bring inflation to single digits, while a disciplined wage policy would improve the country's competitiveness and prospects for growth.
The 15 month Stand-by Arrangement, amounting to US$2.46 billion, was approved by the IMF Executive Board on January 12 this year. On June 29, the lender increased the financial assistance to US$ 3.52 billion.