BELARUS NEWS AND ANALYSIS

DATE:

12/01/2009

IMF approves 2.46 bln dlrs loan for Belarus

The International Monetary Fund said on Monday its executive board had approved an emergency loan of 2.46 billion dollars to help Belarus cope with the global financial crisis.

The IMF said the plan is "in support of the country's efforts to adjust to external shocks" and will allow the eastern European nation to draw some 787.9 million dollars immediately.

The remainder will be made available subject to quarterly reviews.

The tentative IMF loan is unusually large, representing about four times Belarus's quota, the maximum amount an IMF member country pays to finance the Washington-based institution.

Normally an IMF member country can draw up to 100 percent annually of its quota, and 300 percent cumulatively. However, the IMF has granted exceptional access to financing to distressed countries, such as a loan to Georgia in September after its armed conflict with Russia.

The United States, by far the largest voting power in the 185-nation institution, has branded Belarus "Europe's last dictatorship." But US officials said last week relations had improved with Belarus.

Source:

http://www.france24.com/en/20090112-imf-approves-246-bln-dlrs-loan-belarus

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