15.06.2012 / 16:50

Belarus Receives Third Tranche of EurAsEC Loan

Now the negotiations on the fourth tranche are going to start.

Belarus has received the third, $440-million tranche of a $3-billion stabilization loan from the Anti-Crisis Fund of the Eurasian Economy Community (EurAsEC).

The money has arrived in the account of the Ministry of Finance at the National Bank of Belarus and would be automatically added to the nations gold and foreign exchange reserves, told a spokesperson for the National Bank.

The disbursement was approved by the Anti-crisis Funds board on June 8, after Russian President Vladimir Putin that a positive decision had been made on the third tranche, and that talks would now begin about the disbursement of the fourth tranche of the loan.

Approved by the board of the EurAsEC 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.

Belarus was scheduled to receive the third, $440-million tranche before February 28, but the Anti-crisis Fund was said to be demanding guarantees that Minsk would restrict the monetary policy.