IMF and Belarus Agree on Completion of 4th Review of SBA
OREANDA-NEWS. March 4, 2010. An International Monetary Fund (IMF) mission, led by Chris Jarvis, has completed discussions with the Belarusian authorities as part of the fourth and final review of the country’s Stand-By Arrangement (SBA).
At the conclusion of the visit, Mr. Jarvis issued the following statement: “An IMF staff mission and the Belarusian authorities have reached agreement, subject to approval by the IMF Executive Board, on the completion of the fourth review of the SBA with
“Performance under the economic program supported by the SBA has been good. All end-December performance criteria and structural benchmarks were met.”
“The recently reached agreement with
“The authorities made good progress on the financial sector issues.”
“The privatization process has been slower than expected and the authorities need to step it up to reduce the government intervention in the economy and to attract foreign direct investment. The mission reached understandings with the authorities on the measures which would move the privatization process forward.”
“The authorities expressed interest in continued cooperation with the IMF after the expiration of the current program. A possible follow-up program with the Fund could be considered upon the completion of the current SBA.”
The 15-month, SDR 1.62 billion (about USD 2.46 billion) arrangement was approved by the IMF Executive Board on January 12, 2009. On June 29, 2009, the IMF financial support under the SBA was increased to SDR2.27 billion (about USD 3.52 billion).
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