BELARUS NEWS AND ANALYSIS

DATE:

30/06/2009

IMF urges Russia, other donors to increase foreign financing of Belarus

Interfax-Ukraine

This is gives confidence that the standby program work well and that there is an chance that foreign financing will grow.

The expansion of the stand-by loan program will act as a catalyst of additional financing of Belarus by Russia among others, said Natalia Koliadina, resident representative of the International Monetary Fund (IMF) in Belarus.

"Usually the implementation of IMF programs acts as a catalyst for additional financing. We hope that other donors, including Russia, will be offering more active financial assistance to Belarus," Koliadina told Interfax on Tuesday.

"The authorities in Belarus have demonstrated to the whole world their readiness and ability to stand by their commitments. The Executive Board meeting was attended by country directors from all the 185 countries belonging to the IMF. All of them supported the steps taken by the government and National Bank of Belarus and also the measures that the authorities plan to take in the future in line with their letter of intent, Koliadina said, commenting on the decision of the IMF Executive Board on Monday to complete the first review of the stand-by loan program and increasing its size for Belarus by $1 billion to $3.52 billion.

"This is gives confidence that the standby program work well and that there is an chance that foreign financing will grow," she added.

The expansion of the involvement of other donors will largely depend on the future implementation of the program, Koliadina said. "It was just the first review. If the following reviews are also successful, foreign financing will become more accessible," she said.

Source:

http://www.kyivpost.com/nation/44329

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