Belarus: Development Policy Loan

WASHINGTON, December 1, 2009 - The World Bank's Board of Executive Directors today approved the following project:

Belarus: Development Policy Loan

IBRD Loan: US$200 million

Terms: Maturity = 16 years; Grace Period = 6 years

Project ID: P117681

Project Description: The Development Policy Loan to the Republic of Belarus will support the Government's economic program aimed at addressing the social impact of the financial crisis and advancing reforms to help enable a sustained economic recovery. The loan supports a program of reforms built around two pillars. The first pillar aims to strengthen social assistance programs by making them more targeted to the poor, who are likely to be most affected by the impact of the global economic and financial crisis on the Belarussian economy. The second pillar supports the government's liberalization program to promote private investment and job creation, including measures such as the inspections decree which would lift a significant burden from businesses, price liberalization measures (including the removal of restrictions of trade margins for most products), the gradual elimination of turnover taxes, and the preparation of key legislation to launch the privatization process.

Media Contact

Michael Jones

(202) 473-2588

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