The government of Belarus applied to the International Monetary Fund for a stabilization loan. The work of the IMF mission will last during June 1-14. Belarus is not ready either for large-scale liberalization in the currency sphere, or for a considerable reduction of state spending.

Those were the requirements, which the IMF previously set forth as a condition to give a loan to Belarus. The National Bank of Belarus raised the refinancing rate by tow percentage points – up to 16% per annum. The bank has thus met one of the requirements of the international financial organization.

Nevertheless, the refinancing rate has been raised for the fourth time since the beginning of the year. The Belarusian ruble lost 56 percent of its value on May 24.

Paper Further Says:     http://english.pravda.ru/business/finance/01-06-2011/118081-belarus_imf-0/