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Saturday, 23.08.2014, 02:35
Bank of Estonia: Estonia doesn’t need IMF’s loans programme
“Estonia does not need IMF’s loans programme. Estonia’s banking system is solid and the Government budget situation due to surpluses from previous years relatively strong,” said Ross.
“In principle the status of an IMF Member State gives Estonia the right and opportunity to loan money from IMF, but, as already stated, there is currently no need for that,” he added.
According to Ross, IMF’s preparedness to help out countries that are facing financial difficulties is certainly important and will increase confidence in economies.
Regular economic policy agreements were concluded between Estonia and IMF until the year 2001, giving Estonia an opportunity to take a loan from IMF if necessary.
From mid-1990s Estonia has not taken any loans from IMF as there has been no need for that.