Belarus to receive fifth tranche of EurAsEC loan in late February

MINSK. February 22. KAZINFORM The fifth tranche of the loan of the EurAsEC Anti-Crisis Fund will be transferred to Belarus at the end of February 2013, Sergei Shatalov, Deputy Chairman of the Management Board of the Eurasian Development Bank (EDB) told reporters on 21 February, Kazinform has learnt from BelTA.

The statement of the loan manager will be ready in a couple of days. "The date will depend on the administrative and technical decision of the EurAsEC Anti-Crisis Fund," Sergei Shatalov informed.

The talks on the allocation of the fifth tranche of the loan were held in Moscow on 21 February. The delegation of the Finance Ministry and the National Bank of the Republic of Belarus also prepared a letter of intent for the sixth tranche.

The new letter of intent is signed by the Prime Minister and the Chairperson of the Board of the National Bank. It sets forth stabilization parameters for 2013. "This is just the beginning of the talks. We will continue consultations in the next few days. The results of the first day of the talks are as follows: we have received reports of the Finance Ministry on the last tranche. All the seven quantitative targets have been met," Sergei Shatalov said. Among them is the amount of international reserves, net international reserves, net domestic assets and the budget of the public administration sector.

The participants of the talks will discuss what should be done to reduce inflation. The inflation slowed down substantially in Belarus in 2012. "To enhance confidence of foreign lenders and encourage investors, Belarus needs to keep working to reduce the inflation rate. Both the parties agreed with it," Sergei Shatalov said.

The Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with a view to assisting the development of market economies of the participating states while facilitating their sustainable economic growth and expanding their mutual trade and economic ties. The EDB's authorized capital exceeds $1.5 billion. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

As large as $8.513 billion the EurAsEC Anticrisis Fund was founded by the governments of the six countries on 9 June 2009. The Fund is meant to assist the member states in overcoming consequences of the global financial crisis, securing their economic and financial stability and supporting integration processes in the region. The member states have authorized the bank to manage money of the Anticrisis Fund.

Currently reading