Statement on the Approval by the IMF of the $2.5 Billion Credit to Belarus

January 13, 2009

Minsk, Belarus

The Embassy has been in close contact with the Belarusian authorities and civil society with regard to the current financial situation and we are encouraged by the important and positive steps Belarus is taking in consultation with the IMF to address the economic crisis.  The policies Belarus has committed to under the IMF program will help to strengthen Belarus' economy and financial system.  Belarus should follow through on these critical reforms, and continue close consultations with the IFIs.
 
Building on the IMF loan approved on January 12, we believe that additional efforts for structural economic reform in Belarus should follow: further price liberalization, the transparent privatization of state-owned enterprises, and legal and regulatory reform to encourage the development of a thriving private sector, as well as other measures to ensure that financial institutions operate on a fully commercial basis. From our perspective, such reforms would help to achieve necessary adjustments and encourage long-term growth and investment, thereby strengthening Belarus' position with regard to the global economy, regional markets, and the current financial crisis.