MINSK, 8 June (BelTA
) – The Council of the Anticrisis Fund of the Eurasian Economic Community has approved the allocation of the third tranche of the financial loan for Belarus to the tune of $440 million, the press center of the Eurasian Development Bank told BelTA.
The decision was made in Moscow on 8 June after the Council evaluated the Belarusian Finance Ministry’s report regarding the fulfillment of the terms of the tranche that had been provided by the Eurasian Development Bank. The bank is in charge of managing money of the EurAsEC Anticrisis Fund.
In addition, the Council approved a new letter of intent signed by the prime minister and the president of the National Bank of the Republic of Belarus. The letter of intent specifies terms of implementing the program aimed at stabilizing the national economy in 2012. The program had been worked out by the Belarusian government and had been coordinated with the managing bank. The terms are mandatory for Belarus to get consequences tranches of the loan.
On 4 June 2011 the Council of the EurAsEC Anticrisis Fund authorized the allocation of a $3 billion financial (stabilizing) loan to Belarus. In June and December 2011 the Eurasian Development Bank transferred a $800 million tranche and a $440 million tranche to Belarus.
The Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 to assist the development of market economies of the member states while facilitating their sustainable economic growth and the expansion of mutual trade and economic ties. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
As large as $8.513 billion the EurAsEC Anticrisis Fund was founded by the governments of the six countries on 9 June 2009. The Fund is meant to assist the member states in overcoming consequences of the global financial crisis, securing their economic and financial stability and supporting integration processes in the region. The member states have authorized the bank to manage money of the Anticrisis Fund.