BelaPAN - Fourth tranche of EurAsEC loan will arrive very soon, National Bank head says

The fourth tranche of the Eurasian Economic Community (EurAsEC)’s $3-billion stabilization loan for Belarus will arrive in the country very soon, Nadzeya Yermakova, head of the National Bank of Belarus, said during a questions-and-answers session on December 26.

The EurAsEC Anti-crisis Fund (ACF) approved the disbursement of the $440—million tranche on December 7.

«The Eurasian Development Bank, which manages the ACF’s funds, is doing technical work to secure the transfer of the loan’s fourth tranche,» the government’s news agency BelTA quoted Ms. Yermakova as saying.

The Belarusian authorities are holding consultations with the Anti-crisis Fund to discuss certain fiscal and monetary policy targets set by the stabilization program supported by the loan, she said. After the consultations, the Fund will assess the implementation by Belarus of the loan terms, on which the disbursement of the fifth and sixth tranches will depend, according to Ms. Yermakova.

Approved by the board of the Anti-crisis Fund on June 4, 2011, the stabilization loan for Belarus was aimed at supporting the country’s efforts to improve its balance of payments. The 10-year loan was to be disbursed in six tranches within three calendar years.

The loan has a grace period of three years and carries a floating interest rate set on the basis of the reference rates of the Russian Federation and Kazakhstan.

The first, $800—million tranche of the loan was made available to Belarus in June 2011. Another portion, $440 million, was provided in late December 2011. Belarus received the third, $440—million tranche in mid-June 2012. //