Belarus hopes to get new IMF loan

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The new program for IMF is ready. The Ministry of Finance hopes to agree the program with the International Monetary Fund in the near future. It was reported by Deputy Finance Minister Maxim Yermolovich

"The new program is ready. We are ready to discuss it and hope that in a relatively short period of time we will be able to agree the basic points with the IMF to start implementing it", BELTA cites Deputy Finance Minister Maxim Yermolovich

The IMF regular annual mission will work in Belarus until March 16. They will review the development of the Belorussian economy.

Maxim Yermolovich reminded that the Government had developed a set of measures to stabilize the economic situation in Belarus, structural reforms were developed as well. "We hope that this comprehensive package of measures could become the basis for the new IMF program. These issues will be discussed with the IMF experts", said First Deputy Minister.

As for the possible amount of the new IMF loan, RIA Novosti reports,Yermolovich said the following: "The amount is to be discussed and will depend on the pressure on foreign exchange reserves in the long term, on the gross external debt servicing and repayments."

Yermolovich also pointed out that "given the situation in the global market and the pressure on the International Monetary Fund, the IMF's possibilities with regards to the new program for Belarus are also limited." The Belorussian party is aware of this and is open to discuss the issues with the IMF experts who begin to work in Belarus today.

Head of the IMF mission in Belarus David Hoffman said earlier that the International Monetary Fund was ready to work on a new program for Belarus only in case of major structural reforms in the country.

The first major Stand-By program supported by the IMF loan of $ 3.5 billion was implemented in Belarus from January 2009 to April 2010. For the last two years Minsk has been paying off the debts and expecting a new loan.

Text and pictures by TUT.BY