The IMF increased its loan to Belarus for 1 billion dollars, has allocated another 680 million U.S.

Board of Directors of the International Monetary Fund (IMF) on Monday decided to increase the amount of credit stand-by for Belarus up to $ 3.52 billion, or about $ 1 billion, and also approved an immediate allocation of the next Minsk, the second tranche of $ 679 2 million

new loan should support the economic program of the Government of Belarus, softened more severe than previously expected, the consequences for the country's global financial crisis, said the IMF.

Originally

credit line to Belarus was opened in January of $ 2.51 billion, while same Minsk was granted the first tranche of the loan.

agreed with the IMF program provides that the Government of Belarus will retain, despite the decline in revenues, a balanced budget in 2009, it will also save adequately tight monetary policy, will ensure greater exchange rate flexibility within a corridor of plus or minus 10%, deepen structural reforms.

Deputy Director of IMF Takatoshi Kato said the intensification of concerted program provides steps to liberalize the economy and the preparation of the privatization in order to strengthen growth prospects in the medium term. In particular, the adoption of a new privatization legislation and the privatization agency for the implementation of the ambitious program in this area.

tightening of monetary policy will increase the attractiveness of investments in the Belarusian rubles, privet natsvalyute credibility and strengthen the credibility of the Central Bank, he said. In his view, it is important to maintain tight monetary policy and avoid an excessive increase in the credit economy.

Kato also noted that a concerted structural measures intended to increase the independence of the Central Bank, to reduce regulation of prices and wages, rescind the mandatory plans for production and employment for private companies.

National Bank of Belarus in June increased the base rates to provide liquidity to banks from 20% to 22% per annum, recommended kombankam raise rates on ruble deposits of natural persons, extended forecast corridor oscillation rate of the Belarusian ruble to a basket of currencies /- 5% and /- 10 %.

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