The IMF loans are the cheapest resources available for Belarus, Belarus' Deputy Finance Minister Maksim Yermolovich said during a roundtable in BelTA's press center.
“The IMF loan for Belarus, which may exceed $3 billion, is the cheapest money available for borrowing. It is not just the loan. This is a package of complementary tools. It includes a loan for development from the World Bank. The size of the loan depends on the package of structural reforms laid down in the Belarus-IMF joint program, and is about $200-300 million. This money goes directly to the budget for certain social and economic measures,” said Maksim Yermolovich.
There is also a possibility of raising funds from the European Union as it traditionally complements the IMF programs with its credit resources. Such a macro-financial aid from the EU could be up to $500 million for the duration of the program.
However, the loan program is not of primary importance in the relations with the IMF, stressed the Deputy Finance Minister. “The matter is about the entire complex of balanced economic and social policy measures to help the state to achieve sustained economic growth in the long run, once the program is over, and to grow resilient to different shocks and crises both within and outside the country,” he noted.