Belarus May Need IMF Help on Top of Russia Loan, UniCredit Says
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Belarus may need a $2.5 billion International Monetary Fund loan package to help cover its external financing gap after the country’s foreign reserves plunged, according to UniCredit SpA.
The eastern European country devalued its currency, the ruble, on March 29 by 8 percent, according to UniCredit calculations, as part of a strategy to reduce a current-account deficit equivalent to 15.6 percent of gross domestic product last year. It is also seeking a $3 billion bailout loan from Russia and former Soviet partners to plug its financing gap.