IMF mission arrives to Minsk

Mission of the International Monetary Fund arrived yesterday in Belarus to begin its analysis of the economic situation in the country and negotiations about a new credit worth even up to 7 billion dollars.

Natalia Koliadina, Resident Representative for Belarus, explained that the Fund hopes to reach an agreement with the Belarusian authorites on macro-prognosis for 2011 and 2012. Ms. Koliadina has not confirmed if talks on the new IMF aid program to Belarus will be held during this mission.

In 2009-2010, Minsk has received an IMF loan worth 3.5 billion dollars, but as many economists pointed – Belarus managed to resist the privatisation of the state assets required by the IMF. The Belarusian deputy finance minister Uladzimir Amaryn informed on Monday that he is hoping for a 7 billion dollars credit, adding that terms of the new loan are expected to be much harsher than the previous ones.

„If IMF decides to offer another loan, it will be based on a detailed plan. Every quarter, the economic markers will be verified, and only then another credit tranch will be paid.“ – said Siarhej Chaly, a Belarusian economist, in an interview for Belsat. Mr Chaly thinks that IMF is interested in achieving a success in restructuring the rigid economic system. „70% of GDP is produced in state-owned companies. This allows for increasing competition in the Belarusian economy.“ – think Chaly.

He also stressed that Belarus will have to repay the previous credit to IMF. „Otherwise, all other lenders will refuse to talk about new loans. Paying back to IMF on time shows that a state in general recognizes the market rules“ – stressed Chaly.


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