Belarus received the first tranche of the IMF loan size of 788 million dollars. That was reported by ITAR-TASS reported with reference to the press secretary of the Belarusian National Bank Michael Zhuravovich.
Loan funds shall be credited to the IMF gold reserves and, if necessary, can be used to maintain the rate of the Belarusian ruble.
Belarus got agreement in principle from the IMF on a stabilization loan at the end of December 2008. It is anticipated that the loan for 2.5 billion dollars will be given at 15 months.
Earlier, Belarus has already received a stabilization loan from Russia amount to two billion dollars. The condition for granting the loan was the commitment of Belarus to buy gas from Russia for the Russian Ruble.
With regard to the economic crisis of the National Bank of Belarus has decided to devalue the national currency by nearly 20 percent. The devaluation was made at the request of the IMF.
Friday, January 16, 2009
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