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IMF may not provide loan to Belarus for political motives – Nat Bank head

October 20, 2011, 19:13 UTC+3

Belarus planned to build up its gold and currency reserves by the yearend to almost 8.5 billion dollars

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MINSK, October 20 (Itar-Tass) — The International Monetary Fund (IMF) may not provide a loan to Belarus for political motives, head of the National Bank of Belarus Nadezhda Yermakova said.

“Will we receive the loan? Maybe no. Even if we meet all requirements, political motives will remain. It is the main factor in our contacts with the IMF Executive Board,” Yermakov told journalists on Thursday.

In her words, the IMF mission that ended its work in Minsk gave a rather positive assessment to the anti-crisis measures taken by the Belarusian authorities. “But practically everyone touches on this issue [the release of convicted persons on the December 19 case]. None conceals this,” Yermakova stressed.

She also said Belarus planned to build up its gold and currency reserves by the yearend to almost 8.5 billion dollars.

Before the yearend, the country expects a loan of one billion dollars from Russia’s Sberbank and 440 million dollars from the EurAsEC’s Anti-Crisis Fund. Besides, it hopes to receive 2.5 billion dollars from selling 50 percent of Beltransgaz’ shares.

“We expect that 2.5 billion dollars for Beltransgaz should come within 2011,” she said.

Belarussian present gold and currency reserves make 4.5 billion dollars, she added.

The country’s National Bank is not planning to spend its gold and currency reserves for supporting the national currency, Yermakova said. For this purpose, it will use additional domestic sources of currency. From September 14 through to October 19 /the term of additional sessions at the currency-stock exchange/, private clients sold to banks about 386 million dollars, she reported. Besides, export revenues grew, too.


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