Bank Of Baku

Crisis-hit Belarus applies for IMF loan

Crisis-hit Belarus applies for IMF loan
# 01 June 2011 10:22 (UTC +04:00)
Baku - APA-Economics. Belarus has applied to the International Monetary Fund (IMF) for a loan that could help to rescue the ex-Soviet republic from its fiscal crisis, a spokeswoman for the fund said Wednesday.

Neither the government nor IMF spokeswoman Yulia Lyskova disclosed the amount Belarus is seeking nor the terms of the potential deal.

The fund’s chief representative in Minsk was meeting with government officials and the IMF would be releasing details later Wednesday, Lyskova told AFP.

Belarus has been hit by a dire cash shortage that was sparked by a jump in the price Russia charges for energy as well as massive state spending ahead of presidential elections last year.

President Alexander Lukashenko’s isolated government was forced to devalue the currency by more than a third of its value last month and has been unable to receive direct assistance from traditional sponsor Russia.
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