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. Last Updated: 07/27/2016

Belarus Plans to Seek IMF Loan

MINSK, Belarus -- Belarus, abandoned by Western creditors because of its slow reforms, plans to ask the International Monetary Fund for a stabilization loan, Finance Minister Nikolai Korbut said on Thursday.

Korbut said that Belarus would ask the fund to approve a Contingency and Compensatory Fund Facility loan, usually granted at low interest to nations where the economy is suffering due to external factors.

Belarus' economy has been hit by a poor grain harvest and knock-on effects from Russia's financial crisis.

"We will invite an IMF mission in September-October and will ask for this stabilization loan," Korbut said. He did not name the sum of money needed. .T X.- Minsk sought a similar IMF loan worth $100 million last year, but the fund refused to allocate the money, saying Belarus's economic plight was largely due to slow reforms.