Belarus is not fulfilling all conditions for receiving new tranche of EurAsEC loan
Russia's finance ministry believes that Belarus is not fulfilling all conditions for receiving the next tranche of the Eurasian Economy Community (EurAsEC)'s $3-billion stabilization loan, Minister Anton Siluanov told reporters, according to RIA Novosti.
"We're going to Minsk on December 7, there will be a meeting of the EurAsEC Anti-crisis Fund, and the issue will be considered," Mr. Siluanov said.
Belarus' compliance with the Eurasian Economic Community's conditions will be evaluated during the meeting, he added.
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 received the third, $440-million tranche in mid-June 2012.
The lending arrangement requires the Belarusian government to sell at least $2.5 billion worth of state assets this year, a condition that is unlikely to be fulfilled.
"We're going to Minsk on December 7, there will be a meeting of the EurAsEC Anti-crisis Fund, and the issue will be considered," Mr. Siluanov said.
Belarus' compliance with the Eurasian Economic Community's conditions will be evaluated during the meeting, he added.
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 received the third, $440-million tranche in mid-June 2012.
The lending arrangement requires the Belarusian government to sell at least $2.5 billion worth of state assets this year, a condition that is unlikely to be fulfilled.