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Minsk refused IMF loans

Минск отказался от кредитов МВФMinsk and the international monetary Fund failed to agree on terms of implementation of reforms.

The Belarusian government refused to loan programs of the International monetary Fund (IMF).

On Sunday, September 9, stated Finance Minister of Belarus Maxim Ermolovich.

He justified his position by the fact that, according to the opinion of the President (Alexander Lukashenko. − ed.), the IMF program could have “a shock to the public”.

This in turn is due to the fact that the IMF insisted on the implementation of the reform program in a more compressed period than previously agreed by the government.

In this case, root of the disagreement with the IMF on the nature of the reforms, the Belarusian government does not notice.

“We developed together with experts from the IMF structural reform programme, which would be consistent with the philosophy of the Fund. And in principle, on the key points that our positions coincided, we came to the program, but we differed in the timing of its implementation”, − said Ermolovich.

According to him, in the medium term Belarus plans to place on local markets of Russia and China sovereign bonds amounting to two billion dollars.

The Belarusian Minister also said that in 2019 Minsk does not intend to place Eurobonds.

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