Wednesday, October 29, 2008

Belarus Says That It Is Prepared To Accept Economic Liberalization As Set Forth By I.M.F. In Exchange For Loan, But Insists That It Is Not In Crisis

"Belarus is ready to liberalise its economic policies as it seeks a $2 billion cushion against the impact of the global financial crisis from the International Monetary Fund, an official said on Wednesday.

The talks with the ex-Soviet state follow a preliminary agreement between the IMF and Ukraine on a $16.5 billion standby loan and a 'substantial financing package' with Hungary. Iceland and Serbia are among others who have turned to the Fund.

Belarus' deputy central bank head Vasily Matyushevsky told reporters he was optimistic about the loan as an IMF mission held talks with top Belarussian officials in Minsk.

'Our macro goal is for this credit not to be used at all. In the current situation we don't need this money... But we don't know how deep the global crisis is,' he said. 'Belarus is asking for the loan, but it is not in crisis.'" ...

Thomson Financial News "UPDATE 1-Belarus tells IMF ready to liberalise economy" October 29, 2008


The loan package prepared by the I.M.F. for Ukraine is reported to contain forty (40) conditions for further economic liberalization in exchange for the $16.5 billion loan.


Just before the international financial crisis, the I.M.F. forecast the gross national income per capita [per person] in the Russian Federation would converge with that of Portugal in five years time (2013) at ca. $27,000 -- with Belarus at about 80% of this level and Ukraine at about one-third of this level.
The Russian Federation's convergence with Portugal would be due to its oil wealth and its currently declining population.

[Click on images for enlargement.]

[Above] English: The National Bank of Ukraine's building [1905 and 1933], Kyiv, Ukraine, Future European Union.

[Below] English: National Library's new building [2006], Minsk, Belarus, Future European Union.
Беларуская: Новы будынак Нацыянальнай бібліятэкі, Менск, Беларусь.

Photo credits: (c) Alexander Noskin, 2005. All rights reserved.
(c) Giancarlo Rosso, 2006. All rights reserved. Via Wikipedia. With thanks.


"In 1902, the architect O. Kobolyev won the competition for the design of the new structure, and work began several years later. The main facade was designed by O. Verbitskyi. On August 1, 1905, the building was completed and the day-to-day business was transferred to it. The new building featured electrical lighting and ventilation and a central heating system. In 1933, when the capital of Ukraine was transferred from Kharkiv to Kiev, two more stories were added to the building to handle the growth. The Italian sculptor Emilio Sala was invited to create the decorations for the new building."

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