EurAsEC Anti-Crisis Fund approves the disbursement of the third tranche of the financial credit to Belarus
Moscow, 8 June 2012. The Council of the EurAsEC Anti-Crisis Fund (ACF) approved the disbursement of the third tranche of the financial credit to Belarus in the amount of US $440 million. This decision was made today at the session of the ACF Council in Moscow based on the Evaluation of the Report of the Belarusian Ministry of Finance on the conditions of the third tranche.The Evaluation was prepared by Eurasian Development Bank (EDB) as the ACF Resources Manager.
In addition, the ACF Council approved a new Letter of Intent. This document sets forth the parameters for the Economic Stabilisation Programme for 2012, which was formulated by the Government of Belarus in coordination with the Manager. The achievement of the respective parameters of stabilisation programme is a precondition for the disbursement of subsequent tranches.
The US $3 billion financial (stabilisation) credit to Belarus was extended by the decision of the ACF Council on 4 June 2011. In June and December 2011 EDB disbursed two tranches of this loan to Belarus, in the amount of US $800 million and US $440 million respectively.
Additional Information
Eurasian Development Bank 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 exceeds US $1.5 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. Read more at https://www.eabr.org.
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 the 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 Eurasian Development Bank giving EDB the role of the ACF Resources Manager.