The International Monetary Fund is a specialized agency of the United Nations with the headquarters in Washington, United States. The IMF was created in December 27, 1945.
Main goals of the IMF
The IMF works to foster international monetary cooperation, facilitate international trade; secure financial stability; provide assistance in creating multilateral system of settlements between member states and in eliminating currency restrictions; temporarily provide the state members with foreign currency that will enable them to reach the equilibrium in their balances of payments.
Belarus and the Fund
Belarus joined the IMF in July 1992. Ms. Nadezhda Ermakova, Chairperson of the Board of the National Bank of the Republic of Belarus is the Governor of the IMF for Republic of Belarus. Mr. Andrei Kharkavets, Minister of Finance is the Deputy Governor of the Fund for the Republic of Belarus. The IMF Resident Representative Office was opened in Minsk in 1992.
Belarus and the Fund cooperate in preparing economic policy programmes focused on fiscal, monetary and credit policy, the rate of exchange and the trade policy with the view of achieving considerable economic growth, low rate of inflation and balance of payments stability.
The representatives of the Republic of Belarus regularly take part in various IMF events, including annual meetings of the Board of Executive Directors.
During the visit of an IMF team led by Mr. David Hofman to Minsk, on March 14–25, 2013, the 2013 Article IV Consultation and fourth Post-Program Monitoring discussions took place. The team met with representatives of the Government and economic agencies to assess the current economic situation in the country and to define priorities of further interaction between Belarus and the IMF.
Until 2009, the resources of the Fund were used by Belarus thrice for supporting Government programs of economic reforms. Belarus received $70 million in 1993 and 1995. Later, in 1995, Belarus received a stand-by credit of $196 million.
The new stage of cooperation between Republic of Belarus and the IMF began in 2009. On January 12 the IMF Executive Board approved the allocation of financial resources to the Republic of Belarus under a stand-by arrangement. Belarus received the first credit tranche in January 2009, the last in March 2010. The total program cost was approximately $3.5 billion.
The IMF provides Belarus with technical assistance in public expenses, treasury, tax and customs services, banking supervision, monetary and credit policy, as well as in statistics (balance of payments statistics, banking monetary statistics and statistics of manufacturing and other material economic processes).
The IMF Institute gives Belarusian officials an opportunity to study financial programming and politics, balance of payments statistics, government finance and other areas.
The Vienna Joint Institute gives officials an opportunity to study macroeconomic policy analysis, government spending, central banks accounting and fiscal policy management.