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Opinions & Interviews

29 May 2015

Belarus welcomes IMF, WB technical assistance

Belarus welcomes IMF, WB technical assistance

MINSK, 29 May (BelTA) – Belarus welcomes and seeks to use technical assistance from the International Monetary Fund (IMF) and the World Bank (WB) in its national monetary system and the economy in general, Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur said at the opening of the meeting of the IMF group of Central and Eastern European (CEE) countries on 29 May, BelTA has learned.

Pavel Kallaur stressed that the cooperation with colleagues from the IMF and the World Bank has a development potential, and Belarus is going to do its best to use this potential.

The meeting of the group takes place in a complicated period for the global economy, the NBRB Chairman of the Board noted. “High volatility in the commodity and raw materials markets coupled with unsolved debt issues bear serious risks for the growth of the global economy in the mid-term and long-term period. We should also acknowledge that no country can withstand current challenges alone,” Pavel Kallaur said.

Globalization and integration processes in the global economic system stipulate high dependency of national economies on each other, he added. “In these conditions the efficiency of work is achieved through economic and technological cooperation and international trade which promote the country’s liberalization and openness to the world. Belarus will be committed to this strategy, too. A multi-pronged approach, commitment to global and regional integration, active cooperation with international financial institutions are the priorities of the country’s economic policy,” Pavel Kallaur underlined.

Belarus welcomes IMF, WB technical assistancePavel Kallaur thanked the leadership of the IMF group of Central and Eastern European countries for supporting Minsk as a host of the meeting. “We thank you for the trust and express hope that you will have positive impression of your stay in our country. We believe that the discussion of pending issues will give positive theoretical and practical material to all participants of the meeting,” the NBRB Chairman of the Board said. The Bretton Woods Institutions want to be a central coordinating link in the resolution of key international economic issues, Pavel Kallaur continued. Their strong authority, intellectual and financial potential allow fulfilling this key task, he noted. “Belarus supports IMF decisions aimed at improving financial instruments and reforming the management system. In this respect we hope that the 14th general revision of quotas and reformation of the board of directors will be completed in the near future. This move will help enhance the financial stability of the fund and objectively strengthen the representative offices of developing and emerging countries in the main institutions of world’s modern financial system,” the NBRB Chairman of the Board concluded.

As was reported earlier, at the end of May Minsk hosts the annual meeting of IMF representatives in Central and Eastern Europe and a session of the World Bank Group at the level of deputy governors.

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