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19 Apr 2015

Belarus, IMF agree on procedure to define terms of IMF program implementation

MINSK, 22 April (BelTA) – A Belarusian delegation met with representatives of the International Monetary Fund and the World Bank in Washington, the press service of the Belarusian Ministry of Foreign Affairs told BelTA.

The source explained that the delegation was in Washington for the sake of taking part in the annual session of the boards of governors of the IMF and the World Bank on 16-19 April. The delegation included Deputy Chairman of the Board of the National Bank of the Republic of Belarus Sergei Kalechits, First Deputy Finance Minister Maxim Yermolovich, and First Deputy Economy Minister Alexander Zaborovsky. The representatives of Belarus held meetings and negotiations with top executives of the International Monetary Fund and the World Bank. In particular, they met with IMF Deputy Managing Director Mitsuhiro Furusawa, Director of the IMF European Department Poul Thomsen, and chief of the IMF mission in Belarus David Hofman. The sides discussed the key measures meant to reform the structure of the economy to ensure its balanced development. The sides agreed on how they were going to proceed to work out terms of the IMF program implementation soon.

During meetings with World Bank Vice President Laura Tuck and World Bank experts the sides discussed promising programs of credit support, including for improving the competitive ability of the economy, managing state finances, and education. According to the press service of the Belarusian Ministry of Foreign Affairs, the World Bank will also continue a broad consulting program. Within the framework of sessions of the groups of countries, which are represented in the IMF Board of Governors and the World Bank Board of Governors by Turkey and Belgium, statements in the IMF international currency and finance committee and the World Bank Development Committee were agreed. The Belarusian delegation was informed about the progress in preparing a regular session of the groups that will take place in Minsk in May 2015.

Meetings with investors, who are the main owners of Belarusian securities, took place. An evaluation of the current economic situation in Belarus was presented. First Deputy Economy Minister Alexander Zaborovsky met with First Vice President of the European Bank for Reconstruction and Development Philip Bennett. The sides discussed privatization in the Belarusian banking industry and support for the development of the public private partnership mechanism. First Deputy Finance Minister Maxim Yermolovich met with David Baron, Chairman of the Belarus-USA Business Cooperation Council, a partner at the international law firm Greenberg Traurig. The sides discussed topical projects in Belarus-USA cooperation in trade and economic affairs, including those, which are being implemented under the aegis of the Council.

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