EurAsEc to disburse 2nd $440 mln tranche to Belarus
2011-11-29 16:32:37
The EurAsEc, a regional economic grouping of ex-Soviet republics led by Russia, has approved the disbursement of a second tranche worth $440 million to crisis-hit Belarus, Russia's acting Finance Minister Anton Siluanov said on Monday.
"The decision has been approved to provide Belarus a second tranche worth $440 million in December when some parameters of the decisions took by the Republic of Belarus within their anti-crisis measures had been specified," Siluanov told journalists.
In June, the EurAsEc anti-crisis fund approved the disbursement of a $3-billion stabilization loan for Belarus to help the eastern European country tackle its currency problems and transferred the first $800 million tranche.
The Belarusian ruble experienced pressure from a large trade deficit, generous wage increases and loans granted by the government ahead of the December 2010 presidential elections, which spurred strong demand for foreign currency in the first quarter of this year. As a result, Belarus' central bank has devalued the ruble to 4,930 per dollar from 3,155.
The decision over the second tranche came after Moscow and Minsk agreed on Friday on transit conditions of Russian gas through Belarusian territory for 2012-2014.