News Brief No. 95/18

News Brief: IMF Praises Belarus Economic Policy, Sees September Stand-by

August 24, 1995

The Acting Managing Director of the IMF, Stanley Fischer, made the following statement on the Republic of Belarus:

"During August 22-23, a delegation from the Republic of Belarus, headed by Deputy Prime Minister Miasnykovich and National Bank President Bogdankevich held discussions in Washington with senior staff of the International Monetary Fund and myself on the economic situation and economic policies in Belarus. Management and staff of the IMF noted the very considerable progress achieved in economic stabilization and reform by Belarus over the past several months and considered the economic program formulated by the government for the period ahead to be a strong one.

"The government has requested the support of the IMF under a stand-by arrangement for these policies. Virtually all key issues have been resolved satisfactorily, including by Belarus' strenuous recent efforts to meet its international payments obligations. Technical discussion of certain aspects is, however, continuing.

"On the basis of the progress already made in the discussions, I am confident that the remaining points will be quickly resolved and that Belarus' request for a stand-by arrangement could be considered by the Executive Board of the Fund no later than September 12, 1995. The Executive Directors of the Fund are informed of these discussions, including through a communication from Mr. Miasnykovich and Mr. Bogdankevich."