Moscow, 28 November 2011. The EurAsEC Anti-crisis Fund’s (ACF) Council approved, at a session in Moscow today, the provision of the second, US $440 million tranche of the financial credit to Belarus.
This will be done automatically after the President of Belarus signs a decree to transfer non-core assets of the National Bank of Belarus and to increase the National Bank’s rate on liquidity instruments in December 2011 by 5% from the current level.
The provision of a US $3 billion credit from the ACF to Belarus was approved by the ACF Council on 4 June 2011. The loan period is ten years. On 20 June 2011, the Eurasian Development Bank (EDB), as the ACF Manager, provided the first tranche of the credit to the country for a total of US $800 million. Each tranche is provided as the country implements the agreed measures within the Programme to Stabilise the Balance of Payments and Improve the Competitiveness of the Economy prepared by the Government of Belarus.
Additional Information
The EurAsEC Anti-Crisis Fund (ACF) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The objectives of the ACF are to assist the member countries in overcoming the consequences of global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The ACF member countries signed the Management Agreement with the Eurasian Development Bank giving the EDB the role of the ACF Manager
