Belarus builds up gold and hard currency reserves after IMF credit arrives

MINSK, December 23 (Itar-Tass) - The IMF credit tranche worth approximately 68.1 million dollars has arrived in Belarus on Wednesday, a source from the Central Bank of Belarus told Tass. The bank spokesman, Mikhail Zhuravovich, said the credit was incorporated into Belarus' gold and hard currency reserves and would be used to uphold the exchange rate of the Belarusian rouble.

The IMF Executive Council made a decision to remit a fourth tranche of the stabilization credit to Belarus on December 18 upon completion of a supervisory review of the realization of an anti-crisis and stabilization program in Belarus drafted by the Belarusian government and approved by the International Monetary Fund.

In January, the IMF Board made a decision to give a credit support worth 2.46 billion dollars to Belarus for a term of 15 months to follow. In June, upon completion of a first supervisory review of the fulfilment of the stabilization program IMF increased financial support to Belarus to 3.52 billion dollars. For the time being Minsk has actually received approximately 2.8 billion dollars out of the overall credit.

Sources from the Belarusian bank said Belarus will continue the fulfillment of the stabilization program for purposes of completing the realization of the program in full volume and will continue cooperation with the International Monetary Fund for the implementation of joint measures aimed to minimize after-effects of the economic crisis and improve the effectiveness of the Belarusian economy.


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