OREANDA-NEWS. Belarus may count on a new credit from the International Monetary Fund (IMF) on condition that the government opts for a significant change in its economic policy, the IMF said in materials published Monday following Fifth Post-Program Monitoring Discussions.

“A new IMF-supported program continues to require credible commitment to major policy changes. The authorities also reiterated their interest in a Fund-supported program. In this context, the staff indicated that a new Fund-supported program would require

credible commitment, including at the highest level, to a comprehensive package of strong macroeconomic policies that support the required external rebalancing, together with bold, up front structural reform measures to ensure balanced and sustained growth in the future.”

The total volume of financial resources provided by the IMF within the framework of its standby programme for Belarus in 2009-2010 stands at USD 3.46 billion. Since then IMF experts regularly visit Belarus to conduct post-programme monitoring activities. For several years Belarus' government has been demonstrating a keen interest in a new IMF-supported credit programme.

Following its post-programme monitoring the IMF recommends Belarus should minimize support of the ruble, freeze wage growth and cut directed lending.