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

01 September 2015

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.

Belarus won’t receive final $440m tranche from previous $3b loan, because that program is completed

Belarus needs to “learn lessons” from previous lending program, react to changing external conditions “on time”

Mirzoev speaks after conclusion of fund mission to Belarus

NOTE: EFSD members are Russia, Kazakhstan, Armenia, Belarus, Kyrgyzstan, Tajikistan

NOTE: EFSD provides loans to govts, investment loans to cos. for intl, natl investment projects

NOTE: Russia’s contribution to EFSD is $7.5b, which is >88% of members’ total $8.5b contributions

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