Sixth tranche of EurAsEC Anticrisis Fund loan for Belarus in September-October
Belarus may get the sixth tranche of the EurAsEC Anticrisis Fund loan in September-October, BelTA learned from Ambassador of Russia to Belarus Alexander Surikov on 11 June.
According to the diplomat, representatives of the Eurasian Bank and Belarus are expected to meet in July 2014 to decide the fate of the remaining tranche of the loan. “The embassy believes it has to try to accelerate the meeting and find a solution for the sake of Belarus receiving the tranche of $440 million at least in September-October. I think it will be received,” said Alexander Surikov.
On 4 June 2011 the EurAsEC Anticrisis Fund Council authorized the allocation of a $3 billion financial loan to Belarus. The loan was to be allocated in six tranches in 2011-2013 in step with the fulfillment of the Belarus government's stabilization program, which is aimed at stabilizing the balance of payments and enhancing the competitive ability of the economy. The financial terms of the loan match the standard terms the EurAsEC Anticrisis Fund offers to countries with a medium level of earnings. The loan will be granted for ten years, including a three-year respite period, with a floating interest rate that reflects the price for Russia's funding on international markets.
In April 2013 Belarus received the fifth tranche of the loan. A total of $2.560 billion was received in five tranches for the sake of maintaining the balance of payments and replenishing the international reserves. Belarus expected to receive the sixth tranche of the loan to the tune of $440 million in 2013. However, in late December the Anticrisis Fund Council delayed the decision on granting the tranche to Belarus by half a year.
As large as $8.513 billion, the EurAsEC Anticrisis Fund has been instituted by the governments of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The states are also participants of the Eurasian Development Bank. The EurAsEC Anticrisis Fund aims to assist the participating states in overcoming consequences of the global financial crisis, securing their economic and financial stability, and supporting integration processes in the region. The Eurasian Development Bank was entrusted with managing money of the EurAsEC Anticrisis Fund.
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