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ST. PETERSBURG, October 20 (Itar-Tass) —— The second part of the loan to Belarus from the Anti-Crisis Fund of the Eurasian Economic Community (EurAsEC) will be disbursed in late October or early November, Russian Deputy Finance Minister Sergei Storchak said.
“The time is nearing; it’s somewhere between October and November,” he said, adding that the disbursement would have to be preceded by EurAsEC expert evaluation.
Belarus has already received the first part of the loan in the amount of 800 million U.S. dollars. The second part will be 445 million U.S. dollars. The overall loan to Belarus from the EurAsEC Anti-Crisis Fund is 3 billion U.S. dollars.
The Council of the Anti-Crisis Fund of the Eurasian Economic Community (EurAsEC) approved a 3 billion U.S. dollar loan for Belarus earlier this year.
“Members of the Anti-Crisis Fund Council found the economic policy measures proposed in the Belarusian government's stabilisation programme to be convincing and sufficient for achieving the set goals. This served as the basis for making the decision on the disbursement of the loan,” the Eurasian Development Bank's press centre said on June 6.
The loan will be issued for ten years in six portions. The first portion of 800 million U.S. dollars will be transferred within the next several weeks after the agreement on the loan between the Eurasian Development Bank, which manages the EurAsEC Anti-Crisis Fund, and Belarus enters into force.
The second and subsequent portions of 440 million U.S. dollars each will be transferred to Belarus as it implements agreed-upon measures aimed at stabilising the balance of payment and increasing the competitiveness of the Belarusian economy.
“The programme includes measures to reduce money-printing for lending to the economy, strengthening budgetary discipline and augmenting international reserves to the economically safe level,” the press centre said.
The loan interest rate is about 4.1 percent will be revised every three months. The ten-year period includes a three-year grace period, during which only interest will have to be paid. Principal payments will start in the second half of 2014.
The Eurasian Development Bank is an international financial organisation created by Russia and Kazakhstan in January 2006. Its authorise capital exceeds 1.5 billion U.S. dollars. The Bank's member states are Russia, Kazakhstan, Belarus, Tajikistan, and Armenia,
The Anti-Crisis Fund of 8.513 billion U.S. dollars was created on June 9, 2009 by the governments of six countries - Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
The Fund provides financial aid to the member states in overcoming the consequences of the global financial crisis, ensuring their economic and financial stability, and promoting integration in the region.
The Anti-Crisis Fund earlier elaborated lending rules. The maximum loan will depend on the national GDP. Kyrgyzstan and Tajikistan earlier requested financial assistance from the fund. Russia and Kazakhstan said they would not make such borrowings in the near future.
The Anti-Crisis Fund will issue loans at a rate of 1-3 percent for countries with low incomes. Loans will be issued for up to 20 years with a five-year grace period.