MINSK – The International Monetary Fund has awarded Belarus $925 million of the special $650 billion Special Drawing Rights or SDR allocation for the global economy, the IMF said in information posted on its website.
The IMF’s office in Belarus told Interfax earlier that Belarus was entitled to a 0.14% share of the special allocation. The government will receive the funds, which will be credited to the country’s gold and forex reserves.
The IMF approved the general SDR allocation worth $650 billion consisting of 456.5 billion SDR to boost the global economy aid the crisis caused by the pandemic on Aug. 2. The allocation became effective on Aug. 23. The newly created SDR will be credited to IMF member countries in proportion to their existing quotas in the Fund.
Belarusian gold and FX reserves were $7.4 billion on Aug. 1 and included 373.6 million SDR worth $531.7 million. The special allocation will boost the reserves 12.2% to $8.3 billion.
Neither the National Bank of Belarus nor the country’s Finance Ministry has yet confirmed receipt of the IMF funds.
Belarus has been an IMF member since 1992. It received $3.46 billion of standby loans from the IMF in 2009-2010, but its dealings with the Fund have been limited to technical consultations since then.
Belarus asked the IMF for $940 million in Rapid Financing Instrument or RFI funding in April last year to fund its battle against the pandemic, but the funds were not disbursed due to disagreements over additional loan terms. The IMF denied the loan as a result.
The Belarusian opposition National Anti-Crisis Management, located outside the country, has been actively campaigning to stop Minsk from receiving IMF money.
