Belarus has no chance to get new IMF loan - ex-National Bank chairman
MINSK. Aug 25 (Interfax) - The macroeconomic and monetary policy currently being pursued by the Belarusian authorities makes it impossible to receive a loan from the International Monetary Fund (IMF), Stanislav Bogdankevich, a former chairman of the National Bank of Belarus, told Interfax.
"Belarus currently has zero chances to receive new financing from the IMF, as its macroeconomic and monetary policy goes against the fund's recommendations. The main problem is that the credit expansion is continuing, and the printing press is working in full swing, just as before," Bogdankevich said.
The incumbent Belarusian authorities do not have a comprehensive program to overcome the growing monetary and financial crisis, reduce the credit expansion, and curb galloping inflation, he said.
"This is why the National Bank is trying to use simple methods to resolve complex problems by imposing new and more new restrictions on the foreign currency and financial markets," Bogdankevich said. "This comes from a lack of professionalism and lack of fundamental knowledge, primarily in the monetary policy field," he said.