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IMF team arrives in Minsk for post-program monitoring discussions

An International Monetary Fund (IMF) mission, led by David Hofman, arrived in Minsk on Thursday to hold post-program monitoring discussions with the Belarusian authorities as part of the third review of the country’s stand-by arrangement (SBA) that expired in April 2010.

The mission's findings will be discussed by the IMF Executive Board.

The October 18-29 visit will make it possible for the IMF staff and the Belarusian authorities to discuss Minsk's economic policy and prospects for the Belarusian economy's development in 2013, said the Fund's Belarus office.

The 15-month, SDR1.62 billion (about $2.46 billion) arrangement was approved by the IMF Executive Board on January 12, 2009. On June 29, 2009, the IMF financial support under the SBA was increased to SDR2.27 billion (about $3.52 billion).

Finance Minister Andrey Kharkavets said earlier this month that Belarus wanted to take a new IMF loan.

He refused to name the amount that the country would like to borrow. "It is not a specific amount but the government's responsible macroeconomic policy that is the decisive factor for us. The amount will be equal to a gap in financing the economy in the next three to five years," he said.

Led by Economy Minister Mikalay Snapkow, a delegation of the Belarusian government attended the Annual Meetings of the Boards of Governors of the IMF and the World Bank Group in Tokyo between October 9 and 13. //BelaPAN