EurAsEC Anti-Crisis Fund Publishes Annual Report for 2011

Moscow, 22 August 2012

In 2011 EDB in its role of ACF Manager continued preparing and extending financial credits and investment loans of the Fund. It also carried out institutional development activities and coordinated its work with other international development institutions.

In the reporting year two agreements have been signed to extend financial credits to the Fund member countries to a total of just over US$ 3 billion, and US$ 1.240 billion was disbursed under these agreements by the year end. Seven more applications for financial credits and investment loans were under appraisal, adding up to US$ 1.159 billion.

EDB undertook in 2011 a comprehensive evaluation of economic situation in Belarus and took part in the preparation of its stabilization program and its follow-up. As a result, Belarus received two tranches of ACF loan in the amount of US $1.24 billion.

ACF’s financial resources in support of the anti-crisis program of the Government and the National Bank of Belarus helped to significantly reduce domestic and external imbalances in its economy. Current account deficit dropped in 2011 to 10.6% of GDP against 15.5% in 2010, and international reserves grew to 2.1 months of imports in December 2011 compared to 1.1 in July 2011.

In the reporting year the Manager also continued monitoring the utilization of financial credit to the Republic of Tajikistan in the amount of US$ 70 million, provided under the Agreement dated 24 July, 2010. On 4 June, 2011 the Fund Council supported Tajikistan’s request to draw by end—2011 the undisbursed amount of this loan (US$ 8.5 million), which was carried over from 2010. By the end of the reporting year, the entire amount of this credit was drawn down.