IMF doesn't grant loan to Belarus yet. Talks to continue in December

• 24.11.2008, 9:32

The regime of Belarus continues consultations with the International Monetary Fund on the issue of granting stabilization loan in December this year.

It is announced in the press release of the information department of the National Bank of Belarus (NBB).

“The first stage of work of the government and the National Bank with the IMF mission which visited Minsk since the end of October 2008 on granting a loan of USD2 billion has finished successfully,” the report reads.

After finding agreement on all “technical issues” a package of documents is to be given to the Executive Council of the IMF for final approval.

The NBB explains that Belarus has addressed for the loan with the Aim to increase state gold and currency reserves and creation of a “safety cushion” necessary for stable work of the economy in the conditions of the global financial crisis”.

As it has been informed, the IMF mission on granting a stabilization loan to Belarus worked in Minsk sonce October 27 till November 22.

Recent reports state one of the conditions offered by the IMF to the Belarusian authorities. The IMF representatives believe that Belarus should lower the exchange rate of the Belarusian ruble at 20%. Belarusian negotiators were not agreeing to that. That is why the talks which were to end on November 6 lasted two weeks more.