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20 Nov 2015

Belarus, IMF closer to agreement on new expanded financing program

MINSK, 20 November (BelTA) – A regular mission of the International Monetary Fund finished its work in Belarus on 20 November. The mission was authorized to discuss the possibility of signing a new program on expanded financing with Belarus, BelTA learned from the joint press release of the Belarus government and the central bank.

According to the source, Belarus and the IMF have managed to bring their views closer together as a result of the negotiations.

The new program is designed to improve the Belarus economy using an integrated approach. Since the joint measures, which are being developed, are meant to increase the competitive ability of the Belarusian economy in addition to securing the economy’s stable development, the measures have to be comprehensive and integrated. The detailed discussion of these measures with IMF experts will continue soon, the press release reads.

The IMF representative office confirmed that the discussions will continue remotely in the next few weeks. At the end of the visit the mission’s head Peter Dohlman stated that the IMF personnel and Belarusian government agencies had secured essential progress in discussing a number of economic policy measures that could be backed by an agreement on a three-year program as part of the extended facility mechanism. Some matters need more time to discuss.

A team of International Monetary Fund experts led by Peter Dohlman worked in Belarus on 9-20 November. The mission was supposed to evaluate the recent changes in the country’s economy and discuss a new economic program that could receive the IMF’s financial backing. All the negotiations took place in a restricted-attendance mode.

The International Monetary Fund (IMF) is an international organization headquartered in Washington, DC. It was founded on 27 December 1945. Belarus has been an IMF member since 1992. IMF's activities in Belarus are aimed at working together with the government and the National Bank in preparing economic policy documents with a focus on taxation, budgeting, monetary management, exchange rate, and trade policy in order to achieve considerable economic growth, low inflation and a stable balance of payments.

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