MINSK, 1 April (BelTA) – A $10 million loan agreement between Belarus and the International Bank for Reconstruction and Development (IBRD) was signed in Minsk on 1 April. The document was inked by Belarusian Finance Minister Vladimir Amarin and World Bank Country Manager for Belarus Young Chul Kim, BelTA learned from the press service of the Belarusian Finance Ministry.
The loan has been provided for the implementation of a project to improve the Belarusian public finance management system. It will be used to increase the effectiveness and transparency of public finance management in Belarus in line with a government-approved strategy. “The implementation of the strategy with the support of the World Bank will help Belarus establish an effective and transparent public finance management system based on advanced international practices and consistent with modern requirements and state development goals,” the press service said.
The public finance management system will be upgraded in two stages. “The first stage will be implemented in 2016-2019 and financed from the IBRD loan,” the Finance Ministry explained.
The International Bank for Reconstruction and Development is the main lending organization of the World Bank. Belarus became a World Bank member in 1992. Since then the country has borrowed $1.88 billion. Besides, a number of programs have been supported via grants.