Belarus Pays IMF Standby Loan Third Installment, Ready for New IMF Programme
Belarus has made a third payment of SDR54.7 million ($84.3 million) to repay the principal amount of the International Monetary Fund’s stand-by loan, announced the finance ministry, BelaPAN says.
The first two payments, both amounting to SDR64.7 million, were made in April and July.
The IMF disbursed five loan tranches totaling around $3.46 billion under the stand-by arrangement in 2009 and 2010 to support the government’s stabilization program.
Belarus is to spend a total of $1,631 million this year to service the nation’s external debts, with $562.91 million to be paid to the IMF.
According to the finance ministry, Belarus’ external public debt totaled $12.1 billion as of September 1, with the established limit being $14.3 billion.
Furthermore, Belarus is ready to implement a new program with the International Monetary Fund (IMF), Finance Minister of Belarus Andrej Kharkaviec told reporters, BelTA informs.
Annual Meetings 2012 of the IMF and the World Bank Group will be held soon. “The Belarusian delegation will hold consultations with representatives of the fund. Naturally, we have said and will keep saying that Belarus is ready to implement a new program with the International Monetary Fund; therefore, it is not some closed topic for us. The matter will now depend on our partners,” the Belarusian Finance Minister said.
“Not everything is going on smoothly, nevertheless, we are maintaining a dialogue and I do not see any barriers for joining the program of the fund,” he said.
Talking about the terms of the possible program with the IMF, Andrej Kharkaviec said, “For me collaboration with the IMF is, first of all, an important macroeconomic policy of the state. The amount is of secondary importance, because it depends on the gap in financing that emerges in the medium term, that is three to five years, the time the program will span”.