The Government and the National Bank of Belarus are discussing with the International Monetary Fund the allocation of financial support of about $900 million in connection with the challenges the country’s economy is facing due to the global economic crisis and the coronavirus pandemic, a joint press release of the government and the National Bank states.
This is the IMF Rapid Financing Instrument, designed to provide member countries with financial assistance to support the authorities’ policy measures to overcome situations requiring urgent funding.
Previously, the IMF said it was ready to help middle-income countries with up to $40 billion, given the sharp deterioration of the global economic situation. Belarus’ access to the rapid financing instrument allows for it to receive about $900 million.
The IMF predicts a recession in 2020, not less or even greater than that during the global financial crisis in 2008. In this regard, the Fund increases the volume of emergency financing. Nearly 80 countries have already requested assistance.