Tuesday, January 13, 2009

Belarus: Belarus gets $2.46bn IMF bail out

The International Monetary Fund(IMF) Monday approved a 15-month $2.46 billion Stand-By Arrangement for Belarus in support of the country's efforts to adjust to external shocks, Xinhua News Agency reported.

The approval makes an amount equivalent to $787.9 million available immediately, said the IMF, noting the remainder will be phased thereafter, subject to quarterly reviews.

The Stand-By Arrangement entails exceptional access to IMF resources, amounting to 418.8 percent of Belarus's quota.

The main objectives of the IMF-supported program are to facilitate an orderly adjustment to external shocks and to address pressing vulnerabilities, according to the IMF.
Published by Mike Hitchen, Mike Hitchen Consulting
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