18.10.2012
NBRB expects $3bn EurAsEC loan in full
MINSK, 18 October (BelTA) – The National Bank of the Republic of Belarus expects to get a $3 billion loan from the EurAsEC Anticrisis Fund in full despite the tougher requirements imposed by the Anticrisis Fund, BelTA learned from Chairwoman of the Board of the National Bank of the Republic of Belarus (NBRB) Ms Nadezhda Yermakova.
On 4 June 2011 the EurAsEC Anticrisis Fund Council authorized the allocation of a $3 billion financial loan to Belarus in 2011-2013. As much as $1.68 billion in three tranches out of six has been received. An evaluation mission of the EurAsEC Anticrisis Fund is in Belarus on 15-19 October for consultations regarding the allocation of the fourth tranche to the tune of $440 million. The allocation of the tranche will be considered at the session of the Anticrisis Fund Council in Minsk on 5 December.
Speaking about the work of the EurAsEC Anticrisis Fund mission in Belarus, Nadezhda Yermakova remarked that meetings were being held and experts were working. It is too early to talk about some final evaluation the mission will pronounce but it may be revealed by the end of the week. “These are surely tough negotiations, unfortunately. We wish them to understand us and we hope they will. If they don’t, we’ll have to manage on our own,” said the NBRB head.
Nadezhda Yermakova explained that the situation was difficult because the Anticrisis Fund requirements will be toughened. “We hope that we will get the initially specified sum from the Anticrisis Fund. But the requirements that we have to comply with are getting tougher,” concluded the NBRB head.
Nadezhda Yermakova also spoke about the third mission the International Monetary Fund had sent to Belarus for post-program monitoring. Led by David Hofman, it will have to monitor results of the standby program that Belarus implemented in January 2009 – April 2010, with the IMF lending $3.6 billion. “Post-program monitoring is what the mission has to do. Yet the negotiations may touch upon, to a certain degree, whether we are ready to talk about a new program,” said the official.
“Literally last week a regular autumn meeting of the International Monetary Fund and the World Bank ended in Tokyo. I should say that a certain understanding of our situation was expressed at the meetings our delegation had with an IMF Deputy Executive Director,” remarked Nadezhda Yermakova. Yet there had been a reference to political considerations, she added. “It is likely that the political considerations may interfere with the launch of a new IMF program,” said the NBRB head.
On 4 June 2011 the EurAsEC Anticrisis Fund Council authorized the allocation of a $3 billion financial loan to Belarus in 2011-2013. As much as $1.68 billion in three tranches out of six has been received. An evaluation mission of the EurAsEC Anticrisis Fund is in Belarus on 15-19 October for consultations regarding the allocation of the fourth tranche to the tune of $440 million. The allocation of the tranche will be considered at the session of the Anticrisis Fund Council in Minsk on 5 December.
Speaking about the work of the EurAsEC Anticrisis Fund mission in Belarus, Nadezhda Yermakova remarked that meetings were being held and experts were working. It is too early to talk about some final evaluation the mission will pronounce but it may be revealed by the end of the week. “These are surely tough negotiations, unfortunately. We wish them to understand us and we hope they will. If they don’t, we’ll have to manage on our own,” said the NBRB head.
Nadezhda Yermakova explained that the situation was difficult because the Anticrisis Fund requirements will be toughened. “We hope that we will get the initially specified sum from the Anticrisis Fund. But the requirements that we have to comply with are getting tougher,” concluded the NBRB head.
Nadezhda Yermakova also spoke about the third mission the International Monetary Fund had sent to Belarus for post-program monitoring. Led by David Hofman, it will have to monitor results of the standby program that Belarus implemented in January 2009 – April 2010, with the IMF lending $3.6 billion. “Post-program monitoring is what the mission has to do. Yet the negotiations may touch upon, to a certain degree, whether we are ready to talk about a new program,” said the official.
“Literally last week a regular autumn meeting of the International Monetary Fund and the World Bank ended in Tokyo. I should say that a certain understanding of our situation was expressed at the meetings our delegation had with an IMF Deputy Executive Director,” remarked Nadezhda Yermakova. Yet there had been a reference to political considerations, she added. “It is likely that the political considerations may interfere with the launch of a new IMF program,” said the NBRB head.