EDB negotiates alterations and amendments to Belarus’ reform programme supported by the EFSD financial credit
Moscow, 29 May 2017. Experts from Eurasian Development Bank (EDB), which is the Resources Manager of the Eurasian Fund for Stabilisation and Development (EFSD, Fund), headed by Alisher Mirzoyev, Project Team Director, visited Minsk from 22 to 26 May 2017 to negotiate alterations and amendments to the reform programme supported by the EFSD financial credit with the country’s government. The delegation met with Vladimir Amarin, Minister of Finance of Belarus, as well as officers and representatives of the involved ministries and agencies, the National Bank and international financial institutions.
The consultations were conducted in accordance with the resolution of the Fund’s Council dated 24 April 2017 requiring that the Belarusian side and the Resources Manager prepare a package of additional measures for the sixth and seventh tranches in order to improve management of state-owned enterprises. A preliminary list of measures was formed as a result of discussions and is currently being considered by respective ministries and agencies.
The final list of additional measures will be submitted to the Fund’s Council at its next meeting scheduled for late June or July 2017.
Additional Information:
The Fund’s Council approved the extension of a US $2 billion financial credit for Belarus, to be disbursed in seven tranches in 2016-2018, on 25 March 2016. The first tranche amounted to US $500 million, the second through the fourth US $300 million each, and the fifth through the seventh US $200 million each. The main objective of the financial credit to Belarus is to support the government and National Bank’s reform programme aimed at promoting sustainable economic growth through improvements in the economic policy and structural reforms. The country has received three tranches for a total of US $1.1 billion.
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
The Eurasian Fund for Stabilisation and Development (EFSD) amounting to US$8.513 billion was formed as the EurAsEC Anti-Crisis Fund on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
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