EurAsEC ACF fourth tranche in Belarus soon

MINSK. December 26. KAZINFORM The fourth $440-million tranche of the EurAsEC Anticrisis Fund (ACF) will come to Belarus in the near future, Chairwoman of the Board of the National Bank of the Republic of Belarus (NBRB) Nadezhda Yermakova said during a phone-in session and online conference hosted by BelTA on 26 December.
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"The funds from the EurAsEC Anticrisis Fund will be in Belarus in the near future. At present the Eurasian Development Bank that operates the ACF resources is looking into technical details of the transfer," Nadezhda Yermakova noted.

"The issue regarding the concrete date for the arrival of the funds is not crucial for the country," the NBRB head added.

Belarus is currently holding consultations with the ACF, specifying certain parameters of the stabilization program, Nadezhda Yermakova said. "As soon as some forecast parameters regarding the monetary, tax and budgetary policies are specified, the EurAsEC Anticrisis Fund will assess the implementation of the country's obligations. It will make the basis for taking a decision on the fifth and sixth tranches," she said.

On 4 June 2011 the Council of the EurAsEC Anticrisis Fund approved a $3 billion loan for Belarus in 2011-2013. The loan will be provided in six tranches in line with the implementation of the government stabilization program aimed at the stabilization of the country's pay balance and enhancement of the competitive ability of the economy. The financial terms of the loan corresponds to ACF standard conditions for its member states. The loan is provided for 10 years, including a three-year preferential period and a floating interest rate, BelTA reports.

A total of $1.68 billion has been received in three tranches so far. The decision to provide Belarus with the fourth $440-million tranche was taken at the 8th meeting of the EurAsEC ACF Council in Minsk on 7 December 2012. Two more tranches may be received in 2013.

The Eurasian Development Bank operates the EurAsEC Anticrisis Fund instituted by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan in 2009 to assist the development of market economies of the member states while facilitating their sustainable economic growth and the expansion of mutual trade and economic ties. Finance Minister Andrei Kharkovets is Belarus' plenipotentiary representative in the ACF Council.

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