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Further cooperation with IMF depends on political decisions by member states, National Bank head says

Belarus' further cooperation with the International Monetary Fund (IMF) will depend on political decisions by influential member states of the organization, Nadzeya Yermakova, head of the National Bank of Belarus, told reporters in Minsk on May 3.

Referring to her meetings with IMF top officials in Washington in late April, Ms. Yermakova said that the organization's leadership believes that its cooperation with Belarus must continue. "They expressed their deep respect for what Belarus has done in the past six months and the results that we have achieved. They will support when a decision is made [on a new loan for Belarus]," she said.
"Of course, the IMF has many member states that may not approve [a new loan for Belarus]. The EU may not approve it," the official added, expressing hope that "common sense will prevail."

Belarus is more interested in technical assistance from the IMF than its loans, Ms. Yermakova said.

Ms. Yermakova noted that she expected loan interest rates to fall in the summer. "I think loans will become cheaper by the end of the first half of the year. I believe people are mostly worried about housing construction loans. I think they will become markedly cheaper by the middle of the year, become more affordable for the public," she said.

Ms. Yermakova also announced that the government would not consider a change in the rubel's denominations this year. "It's early to speak about that in 2012, we may start thinking about that in 2013, if incomes grow seriously and there's no longer enough place in wallets for money," she said.

A redenomination of the currency would not change anything for ordinary people, the official stressed. "Instead of a paper with '1000 rubels' written on it, a one-rubel note will be lying in the wallet. This is all technical work. There are no plans to do that so far," she said. //BelaPAN