IMF team arrives in Minsk

The International Monetary Fund (IMF)’s team arrived in Minsk on February 22 to collect economic and financial information and discuss the country’s economic development.

The team, led by Christopher Jarvis, will be staying in the Belarusian capital city until March 6 for the annual consultations under Article Four of the IMF’s Articles of Agreement.

The IMF experts are also to hold post-program monitoring discussions on economic developments following the expiry of the country’s loan arrangement with the Fund.

Belarus borrowed a total of $3.46 billion under its stand-by arrangement with the IMF in 2009 and 2010.

In May last year, the authorities formally applied to the Fund for another loan, asking for up to $7 billion.

Speaking at a news conference at the end of this past January, Nadzeya Yermakova, head of the National Bank of Belarus, said that the loan talks continued. The Belarusian authorities plan to discuss the possibility of the new stand-by arrangement with an IMF team that will visit Minsk soon, said Ms. Yermakova. “We suggest that we refinance the debt that we owe to the IMF,” she said without elaborating.

Belarus reportedly owes $3.8 billion to the IMF at present.