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IMF experts to propose increasing Belarus loan by $1 bln

© AMagillIMF experts to propose increasing Belarus loan by $1 bln
IMF experts to propose increasing Belarus loan by $1 bln - Sputnik International
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IMF experts will recommend the Fund's management increase a standby loan for Belarus by $1 billion.

WASHINGTON, June 10 (RIA Novosti) - IMF experts will recommend the Fund's management increase a standby loan for Belarus by $1 billion.

The IMF approved a 15-month loan worth about $2.46 billion under a Stand-By Arrangement for Belarus on January 12, 2009.

"The staff will recommend to IMF management and the executive board an increase in IMF financial support for Belarus by SDR 651.4 million (about $1 billion)," said Chris Jarvis, head of an International Monetary Fund mission to Belarus.

The official explained that Minsk's "financing needs" had increased amid the current global credit crunch.

He also praised the ex-Soviet nation's government and central bank for "making strong efforts to solve their problems."

The augmented tranche will be granted upon approval by the IMF executive board, which is due to meet in the next few weeks.

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