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30 Mar 2020

Belarus, IMF in negotiations on funding in response to global economy deterioration

Belarus, IMF in negotiations on funding in response to global economy deterioration
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MINSK, 30 March (BelTA) – The Belarusian government and the National Bank of the Republic of Belarus (NBRB) are in negotiations with the International Monetary Fund (IMF) to discuss financial support in relation to the challenges the country’s economy faces due to the deterioration of the global economic situation and the coronavirus pandemic, NBRB representatives told BelTA.

The sides are discussing the use of the IMF’s Rapid Financing Instrument. The instrument is designed to help IMF member states by supporting the measures the authorities implement to overcome situations that require urgent actions.

Previously the IMF stated it is ready to provide up to $40 billion for this purpose to the countries with an average level of income taking into account the drastic deterioration of the global economic situation brought about by the coronavirus pandemic. Depending on the terms of access to the IMF’s Rapid Financing Instrument, Belarus may claim the equivalent of roughly $900 million.

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