OREANDA-NEWS. On August 26, 2009 The IMF advised Belarus against changing the foreign exchange policy and against another devaluation of the Belarusian ruble, Marek Belka, Director of the IMF’s European Department, told media in Minsk, reported the Official website government.by.

“We believe the existing exchange rate procedures are correct. They ensure stability and the certain necessary flexibility of the Belarusian ruble,” said the official. “We have not discussed the issue with the Government and the National Bank and have not recommended changing the exchange rate procedures. Contrariwise, the entire economic policy programme is aimed at making the system stronger and the Belarusian ruble more stable”.

“Plainly speaking, there will be no devaluation in the foreseeable future,” explained Marek Belka.

He reminded that the exchange rate of the Belarusian ruble varies within the present range. “It is the right system and we are working to make it stronger,” said the IMF representative.

“The next programme of the IMF and Belarus may be okayed but it depends on desires and intentions of the Government and the National Bank of Belarus, the situation inside and outside the country,” said Marek Belka.

“If there is the next programme, it should be focused on structural changes, matters relating to the enhancement of the potential for the country’s economic growth after the crisis,” he remarked.

“I cannot talk more specifically yet. At present we are working on implementing the first programme,” stressed the IMF representative.

Chief of the present IMF mission in Belarus Chris Jarvis remarked that like many other countries Belarus has been seriously affected by the world financial crisis. “We believe it can lead to a minor production decline this year,” he said. Chris Jarvis noted that the economy policy that the Fovernment and the National Bank are pursuing now allows dampening negative consequences of the crisis for the Belarusian economy. Apart from that, the IMF’s financial support and advice also contribute to achieving the goal.

Marek Belka, Director of the IMF’s European Department, hopes that the Second Stand-By Arrangement Review for Belarus will be successfully completed and that another tranche of the IM loan will be allocated to Belarus.

Marek Belka has expressed satisfaction with the work of the IMF mission in Belarus: “I would not speak about the final result. We hope that everything will be good. We will complete the review and approach the issue of lending.”

Marek Belka reminded that the agenda of his visit to Belarus on 24-26 August 2009 included the Second Stand-By Arrangement Review for Belarus and consultations under Article IV. According to the Director of the IMF’s European Department, the consultations under Article IV have been completed. The sides discussed the issues of the short-term period including the exchange rate policy in Belarus and the budget policy for 2009-2010. The sides also discussed the reforms which are necessary to boost Belarus’ economic growth during the post-crisis period.