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By Andrei Makhovsky
MINSK, Oct 29 (Reuters) - Belarus is ready to liberalise its economic policies as it seeks a $2 billion cushion against the impact of the global financial crisis from the International Monetary Fund, an official said on Wednesday.
The talks with the ex-Soviet state follow a preliminary agreement between the IMF and Ukraine on a $16.5 billion standby loan and a "substantial financing package" with Hungary. Iceland and Serbia are among others who have turned to the Fund.
Belarus' deputy central bank head Vasily Matyushevsky told reporters he was optimistic about the loan as an IMF mission held talks with top Belarussian officials in Minsk.
"Our macro goal is for this credit not to be used at all. In the current situation we don't need this money... But we don't know how deep the global crisis is," he said. "Belarus is asking for the loan, but it is not in crisis."
Asked if the IMF had made the loan conditional, he said: "So far experts haven't raised such conditions. But in any case, Belarus will move toward liberalising the key economic policies."
Belarus, traditionally close to Russia both politically and financially, has taken tentative steps towards Western investors in the past year, selling some state assets to European firms and planning its debut Eurobond.
That issue had to be postponed due to poor market conditions as the credit crunch spread across the globe.
In September, Belarus raised the maximum threshold for foreign banks' participation in the country's banking system to 50 percent from the previous 25 percent.
Matyushevsky said the government still hoped that Germany's
Commerzbank
"Given that Commerzbank fares well in the current conditions and is Belinvest not faring badly, talks are continuing and we are optimistic about the outcome," he said.
Although officials say the crisis has not hit Belarus directly, the country has a large proportion of debt that is short-term -- 60 percent of a total of $14 billion.
It is also spending central bank reserves to prop up the Belarussian rouble currency, which is pegged to the dollar.
Reserves have dipped to $4.9 billion in September from $5.6 billion.
Aside from delaying the Eurobond issue, Minsk also postponed its privatisation projects this month, denying the budget further revenues. It has already agreed on a $2 billion loan from Russia, which supplies Belarus with most of its gas needs.
The economy grew a robust 8.1 percent last year and authorities have pencilled in a target of 8-9 percent this year. (Reporting by Andrei Makhovsky, writing by Dmitry Zhdannikov; editing by Andy Bruce)