Government has 3 days for devaluation

• 24.08.2011, 10:46

Economist Syarhei Chaly thinks that the government and the National Bank should again devalue the Belarusian ruble by this weekend.

The IMF Executive Board will consider Belarus's request for a loan of $3.5bn-8bn on Monday, August 29, Radio Racyja reports.

“There's really little time left. They need to do this by Friday and demonstrate the market-like solving of the problem to the IMF Executive Board that meets on Monday. I have a wide experience in the work with the first programme, when basic, most principal issues were torpedoed. This time the board will consider the formal request submitted by the country. If we miss this sitting, everything will be postponed for several months and plans of our authorities will remain unreachable,” the economist thinks.

As Syarhei Chaly notes, the government still tries to tackle the crisis with administrative methods, which resembles the time just before the USSR collapse.