Prime Minister Mikhail Myasnikovich promised on Tuesday that Belarus would repay its $300 million loan from the International Monetary Fund (IMF) on time.

The announcement came after Belarus made a $81.7 million principal repayment on the loan on Oct. 23. 

In 2009 and 2010, the country borrowed $3.4 billion from the IMF and has since paid $3.14 billion back.

David Hoffman, head of the IMF mission in Belarus, cautioned that with Russia as a major trading partner, Belarus' economy could be hard hit by Western sanctions.

The country had previously paid off loans taken out with the IMF in 1992 and 2008, including one loan for $217.2 million and another for $77.4 million.