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Finance Ministry: Talks with the IMF on a new loan program possible in 2020-2021

Economy 19.02.2018 | 10:54

MINSK, 19 February (BelTA) – The Belarusian Finance Ministry hopes to resume talks with the IMF on a new loan program in 2020-2021, First Deputy Finance Minister Maksim Yermolovich said in an interview to the magazine Finances, Accounting, Audit, BelTA has learned.

“My personal position is that this type of financial support [IMF loan program] looks extremely beneficial for Belarus and should be considered among the priority ones. Regardless the halted negotiations, the relevant program of cooperation with the IMF remains relevant. I believe that the implementation of a set of economic policy measures by the government and the National Bank will help ensure in the midterm the necessary amount of structural changes that the IMF expects from us,” the first deputy minister said.

According to Maksim Yermolovich, after the announced reforms are implemented, it will be possible to return to full-scale negotiations with the International Monetary Fund on the launch of a new loan program. “It seems to me that this will happen in 2020-2021. By that time Belarus will introduce new public sector management mechanisms, create conditions for the effective development of private organizations, implement measures to improve the investment climate and take other necessary steps (for example, in part of utility tariffs),” he said.

The first deputy minister also commented on the improvement of Belarus' OECD and Fitch rankings. “First of all, this is the contribution of the economic authorities. It is the implementation of a balanced monetary and fiscal policy that has led to a decision to reduce the credit risk in the OECD rankings,” he said. Maksim Yermolovich stressed that these events (the improved position in the international rankings) increase the investors' confidence in successful investment (both portfolio and FDI) in Belarus.

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