Belarus has the right for IMF loan

Belarus has the right for receiving a loan from the international Monetary Fund (IMF), Belarusian Prime Minister Mikhail Myasnikovich said on Monday.

“We, as the legal IMF members, have the right for the specific support in difficult times,” Myasnikovich said during the meeting with the IMF Belarus mission chief Chris Jarvis.

Minsk, which is in the grip of a financial crisis after devaluing its currency by more than 30 percent last month, has applied for a total of $14.5 billion bailout – a $6.5 billion loan from a Russia-led fund and $8 billion credit from the International Monetary Fund.

“We have rather clear understanding about the current economic situation in Belarus, and we have managed to offer some options,” IMF’s Jarvis said, adding that the talks about granting a stabilization loan to Belarus were only at the initial stage.

On June 4, the Eurasian Economic Community (EurAsEC) approved the disbursement of a $3 billion stabilization loan for Belarus to help the country tackle its currency problems. Belarus will receive $1.2 billion during the first year form the EurAsEC relief fund, $800 million during the second year, and $1 billion during the third year.

MINSK, June 13 (RIA Novosti)

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