08.02.2012
Belarus closer to third tranche of EurAsEC loan
MINSK, 8 February (BelTA) – Belarus is about to complete the negotiations on taking out a third tranche of the loan from the Anticrisis Fund of the Eurasian Economic Community, Belarusian Deputy Finance Minister Maksim Yermolovich told media on 8 February.
“We are now in the active negotiations phase. It is early for any comments, remarks about figures and results that will be secured in the end,” said Maksim Yermolovich. A team of Anticrisis Fund experts had been to Belarus to discuss all the matters concerning the allocation of another tranche to Belarus. “I am confident that actions of the government to achieve a macroeconomic stability, the economy lending parameters we aim for as well as monetary management and the budget policy will ensure the stability that the society expects and the head of state and the government aim for,” said the official. He is convinced the actions will be supported by the Anticrisis Fund.
The negotiations on the process will end soon. Results of Belarus’ actions indicate that the country complies with the terms to get the loan. “While we planned the state budget deficit to be 1.5% of the GDP at most, we achieved a state budget surplus of 3% of the GDP,” specified Maksim Yermolovich. Besides, the gold and forex reserves were supposed to be at $6-6.5 billion but turned out to be nearly $8 billion. It is obvious that results of monetary management and the budget and taxation policy are better than those the lending program requires, concluded Maksim Yermolovich.
The consultations are nearly over, the decision will have to be made by the EurAsEC Anticrisis Fund Council. Maksim Yermolovich also said that the Belarusian side is ready to finish discussing the tranche allocation matters with the Anticrisis Fund soon. He specified that there had been plans to allocate the tranche by 22 February. “The timeline is not going to change. We intend to make some joint decisions at a session of the EurAsEC Anticrisis Fund Council by 23 February,” he stressed.
“We are now in the active negotiations phase. It is early for any comments, remarks about figures and results that will be secured in the end,” said Maksim Yermolovich. A team of Anticrisis Fund experts had been to Belarus to discuss all the matters concerning the allocation of another tranche to Belarus. “I am confident that actions of the government to achieve a macroeconomic stability, the economy lending parameters we aim for as well as monetary management and the budget policy will ensure the stability that the society expects and the head of state and the government aim for,” said the official. He is convinced the actions will be supported by the Anticrisis Fund.
The negotiations on the process will end soon. Results of Belarus’ actions indicate that the country complies with the terms to get the loan. “While we planned the state budget deficit to be 1.5% of the GDP at most, we achieved a state budget surplus of 3% of the GDP,” specified Maksim Yermolovich. Besides, the gold and forex reserves were supposed to be at $6-6.5 billion but turned out to be nearly $8 billion. It is obvious that results of monetary management and the budget and taxation policy are better than those the lending program requires, concluded Maksim Yermolovich.
The consultations are nearly over, the decision will have to be made by the EurAsEC Anticrisis Fund Council. Maksim Yermolovich also said that the Belarusian side is ready to finish discussing the tranche allocation matters with the Anticrisis Fund soon. He specified that there had been plans to allocate the tranche by 22 February. “The timeline is not going to change. We intend to make some joint decisions at a session of the EurAsEC Anticrisis Fund Council by 23 February,” he stressed.