Belarus hopes to draw IMF loan to refinance previous borrowings - Yermakova
MINSK. Oct 3 (Interfax) - Belarusian National Bank Board Chairman Nadezhda Yermakova said the Belarusian authorities intend to conduct negotiations with the International Monetary Fund (IMF) on a loan that can be used to refinance previous borrowings.
"The IMF mission is coming. It will conduct monitoring and we see the future work of the mission as negotiation on providing us with additional loans to refinance the loans that are due to be repaid soon," Yermakova said at the Council of the Republic of the Belarusian National Assembly on Monday.
Yermakova has confirmed that Belarus would like to get $5-$8 billion from the IMF. "We need this money to replenish our gold and currency reserves so we can feel confident according to international standards," she said.
Yermakova said she doubts that Belarus can get this much money. "I don't think we will be talking about this amount of money, because if you borrow money, you need to think how you will repay it," she said.
"The IMF is unlikely to consider such a big loan either because our foreign debt has generally reached critical limits now," Yermakova said.
"My opinion is that the IMF will think during the negotiations that we need additional currency to refinance the debts we will have to repay to the IMF. We will have to make the rest of the money ourselves," Yermakova said.