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IMF Loan to be Used for ReformsThe US embassy in Minsk has called on Belarus to use the International Monetary Fund (IMF)'s $2.46-billion loan for additional structural economic reform."Building on the IMF loan approved on January 12, we believe that additional efforts for structural economic reform in Belarus should follow: further price liberalization, the transparent privatization of state-owned enterprises, and legal and regulatory reform to encourage the development of a thriving private sector, as well as other measures to ensure that financial institutions operate on a fully commercial basis," the US embassy says in a statement issued on January 13. “From our perspective, such reforms would help to achieve necessary adjustments and encourage long-term growth and investment, thereby strengthening Belarus' position with regard to the global economy, regional markets, and the current financial crisis." The embassy says it welcomes "the important and positive" steps that Belarus is taking in consultation with the IMF to address the economic crisis. "The policies Belarus has committed to under the IMF program will help to strengthen Belarus' economy and financial system," the statement says. "Belarus should follow through on these critical reforms, and continue close consultations with the IMF." The IMF Executive Board gave final approval to the loan on January 12, saying that some $787.9 million would be made available to Belarus immediately, while "the remainder will be phased thereafter, subject to quarterly reviews." The IMF loan is to finance a 15-month program of economic reform. Source: Charter 97 Press Center, Jan. 15,200 This article appeared in Belarusian Review, Vol. 21, No. 1 --------------------------------------------- Copyright 2009 Belarusian Review All rights reserved. belarusianreview@hotmailcom
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