The International Monetary Fund (IMF) is a specialized agencу of the United Nations headquartered in Washington, D.C. (USA).
The main function of the IMF is to provide loans to member countries experiencing actual or potential balance of payments difficulties, usually complemented with a range of measures for economic recovery.
The Republic of Belarus joined the IMF in July, 1992. Belarus’ quota in the IMF amounts to 681.5 million SDR (0.41 percent of the IMF total capital) and is equivalent to $921.5 million *.
Pavel Kallaur, Chairman of the Board of the National Bank of the Republic of Belarus, is the Governor of the IMF for the Republic of Belarus. Vladimir Amarin, Minister of Finance of the Republic of Belarus, is the Deputy Governor of the Fund for the Republic of Belarus.
The IMF Resident Representative Office was opened in Minsk in 1992.
In 1993–1995 Belarus used the resources of the IMF in the framework of systemic transformation facility to support the program of economic reforms ($217,2 million).
In 1995 the ”stand-by” program was approved ($196 million).
In 2005 Belarus paid back the loans mentioned above.
A new stage of cooperation between Belarus and the IMF began in 2009. Belarus was granted $ 3.5 billion by the IMF within the “stand-by” program.
Over the period of cooperation, the IMF has provided Belarus with $3.82 billion.
Currently, negotiations between the Government of Belarus and the IMF are being held on the issue of signing of a new credit program for our country.
The IMF also provides technical assistance for Belarus in a number of areas, such as state spending, treasury, tax and custom services, banking supervision, monetary policy and the organization of the central bank, as well as statistics.
The Institute of the IMF and the Joint Vienna Institute are training Belarusian specialists in the field of finance and statistics.
* As of December 1, 2016