EurAsEC Anticrisis Fund Council okays Belarus’ letter of intent on sixth tranche
Signed by the Prime Minister and the Chairperson of the Board of the National Bank o Belarus, the letter of intent was submitted to the EurAsEC Anticrisis Fund Council on 26 June. The Eurasian Development Bank harmonized the letter, and the Council fo the EurAsEC Anticrisis Fund approved the document.
The EurAsEC Anticrisis Fund will give its assessment of the economic performance under the terms spelled out in the letter of intent over the nine months in October.
The EurAsEC Anticrisis Fund Council authorized the allocation of a $3 billion financial loan to Belarus on 4 June 2011. The loan is allocated in six tranches in 2011-2013 in step with the fulfillment of the Belarus government stabilization program, which is aimed at stabilizing the balance of payments and enhancing the competitive ability of the economy. Financial terms of the loan match the standard terms offered by the Fund to participating states with an average level of income. The loan's period is ten years, including a three-year grace period. The loan has a floating interest rate, which reflects Russia's funding price on international markets.
Taking into account the fifth tranche, a total of $2.560 billion has been transferred to Belarus so far with a view to maintaining the balance of payments and replenishing the international reserves. In 2013 Belarus expects to receive the sixth tranche of the loan to the tune of $440 million each. There are no talks over a new loan program with the EurAsEC Anticrisis Fund.
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 Eurasian Development Bank to manage money of the Anticrisis Fund.
Published by BelTA
