The International Monetary Fund mission and the government of Belarus reached agreement on the economic program for a 15-month term.

Within the framework of this program Belarus will be given a ~$2,5 bln stabilizing credit.

According to the IMF news release this announcement was made by Dominique Strauss-Kahn, the chief executive of The IMF, on December 31, 2008.

He specified that the present agreement is not viewed as final and it must be approved by The IMF Executive Council having its meeting in January 2009, “Interfax” informs.

The first tranche of $800 mln Belarus will be able to get as soon as the program is approved by The IMF Executive Council.

“Currently Belarus founds itself in a rather complex economic situation. The economy of the country has been increasing up-tempo during the recent few years, but now the symptoms of “overheating” could be easily seen. Furthermore, the global economic crisis influenced the country as well. The worsening of trade conditions is being noticed, as well as the reduction of demand of Belarusian goods from the side of permanent commercial partners”, said D. Strauss-Kahn.

He also admitted the problems with attracting foreign financing that had led to decrease of Belarusian international resources.

According to his words “the Belarusian government undertakes a considerable number of measures to prevent the recession of gold and exchange currency reserves and to recover the economic stability, which will become a background for the renewal of economic growth.”

The IMF program will help Belarus in specializing to the outer shocks and will make Belarusian economy less vulnerable, he thinks.

“The measures offered within the framework of the program anticipate a stricter monetary and exchange rate policies, fiscal limitations – in particular, decrease of governmental bank support and wage cut in nonproductive sphere,” admitted D. Strauss-Kahn.

In the sector of social policy resources will be directed only to the most necessary expense items,” underscored he.

The measures taken by the government of Belarus justify the exceptional access level to The IMF resources, which may be counted equivalent to the Belarus’ 420% quota in The IMF, stressed D. Strauss-Kahn and called upon international support of Belarus from the side of the world community.

As it was reported Belarus had been carrying on negotiations with The IMF on providing it a $2 bln credit since October 27, 2008.