Credit Line Unavailable – Belarus Fails IMF Monitoring Conditions 11:02, 12/11/2001
IMF mission is through with its work in Belarus. The Fund’s experts arrived at a conclusion that the following half a year Belarus may not apply for the IMF’s stand-by loan. The major fault, found with Belarus economy, was the high budget deficit, which, despite all efforts, cannot be liquidated by the Belarusian Finance Minister, says leader of the mission Marta de Costello. Another mission’s frustration was a still pending decree#40, under which the state has a right to seize personal property of private entrepreneurs. This, say the mission members, produces an unfavorable climate for private business, reports Radio Svaboda.
The mission suggested that the government should continue cooperation and deal with the existing drawbacks. However, the authorities refused to collaborate, as far as they have an agenda of their own, which they are set to fulfill. This program, though, cannot be funded by IMF. “We believe that the governmental program in the area of growing production rate, increase in wages and reduction of inflation is too optimistic,” – underscored the IMF mission head.