IMF gave $1 billion to support Belarusian dictatorship
45- 30.06.2009, 9:04
The International Monetary Fund increased anti-crisis financing support of the Belarusian economy.
The Executive Board of the International Monetary Fund decided on Monday to increase the financial support to $3.52 billion (by $1 billion) under by a Stand-By Arrangement and approved the second $679 million loan tranche, RBK reports.
The new loan will support the government's economic program and help Belarus to contain the effects of a greater than expected impact from the global financial crisis, the IMF press release says.
The SDR $2.51 billion was approved for Belarus in January, when Minsk was granted the first tranche.
The IMF programme demands the Belarusian government to maintain a balanced budget in 2009, despite lower revenues, keep monetary policy adequately tight, allow more exchange rate flexibility within a fluctuation band which is now ±10 percent around the parity rate and deepen structural reforms.
