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Financial credit to Belarus for strengthening the balance of payments

 

On 2 July 2014 the ACF Council extended the Stabilization Programme supported with the financial credit to Belarus until 1 October 2014 and the period of the credit - until 1 February 2015. The issue of disbursement of the sixth tranche of the credit will be considered  in the ACF Council meeting to be held in Q4 2014.

On 27 December 2013 the ACF Council postponed its discussion on disbursement of the sixth tranche of  the financial credit to Belarus because of the country`s failure to meet ten of the targets under the current stabilization programme. The Review of the fulfillment of the sixth tranche conditions can be found here.

On 26 June 2013 the ACF Council approved the Letter of Intent of the Government and the National Bank of Belarus for 2013.

The fifth tranche of the credit (US$ 440 mln) was disbursed to Belarus on 30 April, 2013 in accordance with the ACF Council`s Decision, taken by absentee ballot in April 2013. The Review of the fulfillment of the fifth tranche conditions can be found here.

The fourth tranche of the credit (US$440 mln) was disbursed to Belarus on 31 January, 2013 in accordance with the Fund Council’s decision, taken at its meeting in December 2012. The Review of the fulfillment of the fourth tranche conditions can be found here.

According to the decision of the Fund Council’s meeting in Moscow on 8 June, 2012, EDB disbursed the third tranche of this credit in the amount of US$ 440 mln to Belarus on 15 June, 2012. The Fund Council has also approved a new Letter of Intent of the Government and the National Bank of Belarus with stabilization program measures for 2012, the implementation of which will trigger the disbursement of the fourth and the fifth tranches of the ACF credit. The Review of the fulfillment of conditions for the third tranche and the new Letter of intent can be found here.

On 30 December 2011 Eurasian Development Bank (EDB) transferred to the Republic of Belarus the second tranche in the amount of US$ 440 million. This occurred once Belarus completed the prior conditions and in accordance with the decision of the Fund Council. The Review of the fulfillment of the second tranche prior conditions please see here.

The first tranche of US$ 800 million was disbursed on 21 June 2011, after the Credit Agreement between the Eurasian Development Bank, as ACF Resource Manager, and Belarus became effective.

On June 4, 2011 the ACF Council approved a US$ 3 billion financial credit to Belarus. The credit is extended in six tranches during 2011-2013 according to the implementation of a respective stage of the Government’s Stabilization Program that aims to strengthen the balance of payments and to increase the competitiveness of Belarus’ economy. Financial terms of the Credit conform to standard terms on which ACF lends to its middle-income member countries. The ten-year loan has a three-year grace period, and carries a floating interest rate based on Russia’s cost of funding in the international markets. Appraisal document for this financial credit can be found here (2 Mb)

Project documentation

 

News

 



30.03.16. EFSD Council approves financial credit to the Republic of Belarus

Moscow, 28 March 2016. On 25 March 2016, the Council of the Eurasian Fund for Stabilisation and Development (EFSD) approved a US $2 billion stabilization loan for the Republic of Belarus. The loan will be provided in seven tranches over the period of 2016-2018, with the first tranche of US $500 million to be disbursed within coming few days, as Belarus has met all key conditions under this tranche. The remaining six tranches will be disbursed as relevant conditions are met, with two of these tranches are due in 2016, three — in 2017, and one — in 2018.


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08.12.15. The 24th meeting of the Council of the Eurasian Fund for Stabilisation and Development takes place in Yerevan

Today, the Council of the Eurasian Fund for Stabilisation and Development (EFSD; Fund) at its meeting in Yerevan approved the provision of the first tranche of the financial credit to Armenia and Armenia's preliminary application for an investment loan to build the Mastara water reservoir.

The Council approved the extension of the first tranche of the financial credit to Armenia from the EFSD in the amount of US $100 million as a result of the borrower's fulfilment of all obligatory conditions of the tranche.

Armenia's preliminary application for an investment loan from the Fund to finance construction of the Mastara water reservoir was approved in the amount of US $25.5 million. The project intends to develop irrigation infrastructure and increase water supplies to irrigated areas in Armaviri Marz. To this end, a water reservoir will be built and two water user associations will be modernised.


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09.09.15. Eurasian Development Bank continues consultations with the authorities of the Republic of Belarus on a new stabilization loan from EFSD

Minsk, 3 September 2015. A team of Eurasian Development Bank (EDB), Resource Manager of the Eurasian Fund for Stabilisation and Development (EFSD, the Fund), led by Director of the EFSD Project Group Alisher Mirzoev, visited Minsk on 24-28 August 2015 to continue consultations with the authorities of the Republic of Belarus to further develop a Reform Program that could be supported by a new EFSD stabilization loan. During the visit, EDB experts met with the First Deputy Prime Minister V. Matyushevsky, Minister of Finance V. Amarin, managers and experts of other ministries, agencies, and the National Bank of Belarus, as well as with representatives of international financial institutions.


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01.09.15. EFSD to decide on Financial Credit to Belarus in 4Q This Year

Bloomberg

Final loan size yet to be determined, will depend on economic forecasts, commitment to structural reform, Alisher Mirzoev, director of project group on finance loans at Almaty, Kazakhstan-based Eurasian Fund for Stabilization and Development says in interview in Minsk, Belarus. Belarus has access limit of $1.8b. “The steady, consistent, irreversible process of reform is the main condition for the new loan” Belarus needs to reduce directed govt lending, which will reduce pressure on ruble FX rate, help to reduce interest rates.


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07.07.15. Council of the Eurasian Fund for Stabilisation and Development approves investment loans to Armenia and Kyrgyzstan

Moscow, 3 June 2015. The Council of the Eurasian Fund for Stabilisation and Development has approved two investment loans — to Armenia and Kyrgyzstan.

The investment loans will be provided to finance t he projects of Irrigation System Modernisation in Armenia in the amount of US $40 million and Toktogul HPP Rehabilitation (Phase 2) in Kyrgyzstan in the amount of US $100 million.

At the meeting Council of the Fund also approved the Annual Report of Eurasian Development Bank on its activity as the EFSD Resources Manager for 2014.


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Member States

  • The Republic of Armenia

    Republic
    of Armenia

  • The Republic of Belarus

    Republic
    of Belarus

  • The Republic of Kazakhstan

    Republic
    of Kazakhstan

  • Kyrgyz Republic

    Kyrgyz
    Republic

  • Russian Federation

    Russian
    Federation

  • The Republic of Tajikistan

    Republic
    of Tajikistan