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IMF gives Belarus 700 million dollars, praises Lukashenko =
Published in Saudi Press Agency on 22 - 10 - 2009


The International Monetary Fund (IMF) loaned
Belarus 700 million dollars, with fund managers praising the planning
skills of the country"s authoritarian leader Aleksander Lukashenko,
the Belapan news agency reported Thursday, according to dpa.
The IMF credit was the second tranche of a total 3.63-billion-
dollar credit programme approved last year by the fund for the former
Soviet republic.
The IMF" announced loan terms include a controlled float of the
Belarusian currency, the rouble, tied to a basket of Western
currencies, a one-time 20-per-cent devaluation of the rouble, and
reductions in wage hikes for government employees, among other market
reforms.
Lukashenko, a former collective farm boss, put the IMF-suggested
reforms into effect by presidential fiat.
Kato Takatoshi, IMF lead manager for the loan programme to
Belarus, praised Lukashenko for solid macroecomomic management
limiting the effects of the world financial crisis in Belarus.
"Notwithstanding the substantial reduction of export volumes, the
economic contraction (in Belarus) has been limited in comparison with
other nations," Takatoshi said, in comments reported by Belapan.
"A change to the exchange rate (of the Belarusian rouble) was
supported by tough fiscal policy, and a shortage of government
revenues was compensated by reduction of expenditures."
Takatoshi praised Belarus" "improved business climate" and
"support to the private sector" as evidence of Lukashenko"s effective
management.
Lukashenko in a Friday speech to members of the Minsk diplomatic
corps said Belarus "has no other option" but to tighten its relations
with western nations, because of reduced export revenues and other
economic pressures caused by the world financial crisis.
Belarus has long been a pariah state with most western governments
and major loan agencies because of Lukashenko"s poor human rights
record, limiting foreign investment to a trickle.
A programme initiated in May by the European Union to improve
relations with Belarus has seen some success, with Lukashenko
allowing minor liberalisations of the economy and civil society, in
order to receive badly-needed foreign money.
--SPA


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