BELARUS NEWS AND ANALYSIS

DATE:

10/06/2009

IMF to lend Belarus an additional $1 billion

Associated Press,

WASHINGTON -- The International Monetary Fund said Wednesday it will lend an additional $1 billion to cash-strapped Belarus, bringing the total provided by the Washington-based institution to $3.4 billion.

"This increase is justified because Belarus' financing needs arising from the global financial crisis have increased, and because the government and the central bank are making strong efforts to solve their problems," the IMF said.

It said among those efforts is agreement on a tighter monetary policy, which will help the Minsk government keep the exchange rate stable and inflation low.

The IMF said Belarus also was continuing to pursue a balanced budget, even in the face of greater revenue losses from the global downturn.

The next step is for the IMF's executive board to approve the increase, a move the statement said would take place "in the coming weeks."

Belarus' cash needs escalated recently when Russia withheld a $500 million loan installment, the last quarter of a $2 billion loan.

Source:

http://www.forbes.com/feeds/ap/2009/06/10/ap6527484.html

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