OREANDA-NEWS. On 02 June 2009 was announced, that the Belarusian government sees no need for additional external emergency financing to ride out the economic crisis as long as demand in European and Russian markets holds up, Dow Jones quoted Deputy Economy Minister Petr Zhabko as saying in London on May 15 during a presentation at the European Bank for Reconstruction and Development (EBRD)’s annual meeting in London 2009.

“We hope the economic situation in Russia will improve and the European Union demand for our products will stop stagnating – and then everything will be fine,” Zhabko said.

However, the deputy minister added that “if there is a need [for further external financing] then the international institutions will help.”

The IMF approved a USD 2.46 billion financial rescue package for Belarus on January 12, 2009. Belarus has already received the first USD 788 million tranche and the rest is set to be released over the next 14 months.

Russia has provided USD 1.5 billion in loans for Belarus since December 2008.

Belarus is also involved in talks with Russia’s Sberbank to borrow USD 2 billion and hopes to take a USD 1 billion loan from the World Bank.