(RTTNews) - The Executive Board of the International Monetary Fund or IMF on Monday approved a US$ 2.46 billion economic rescue package for Belarus.

The economy would be getting US$ 787.9 million immediately. The remainder will be phased thereafter, subject to quarterly reviews, the IMF said in a statement.

Takatoshi Kato, Deputy Managing Director and Acting Chairman of the IMF said, “Belarus is experiencing serious economic problems. External vulnerabilities have been exposed by adverse terms of trade movements, falling demand from trading partners, and difficulties in securing external finance, leading to a decline in international reserves.” He added that the economy is likely to slow in 2009.

“The main objectives of the IMF-supported program are to facilitate an orderly adjustment to external shocks and to address pressing vulnerabilities,” the IMF said.

According to the IMF, the Stand-By Arrangement entails exceptional access to IMF resources, amounting to 418.8% of Belarus’s quota. Belarus joined the IMF on July 10, 1992. Its quota is SDR 386.4 million that translates to about US$ 588.0 million.

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