Russia has agreed on the technical aspects of financial aid for Belarus and may make an official announcement soon, central bank Deputy Chairman Sergei Shvetsov said.

"The agreement has largely been coordinated," Shvetsov said in an interview in Moscow today. "I think we would hear some positive news concerning potential assistance to the Belarusian central bank on" May 19. The Belarusian capital Minsk will host a meeting of the leaders of the Commonwealth of Independent States tomorrow.

Russia and Belarus agreed on a loan worth between $3 billion and $3.5 billion loan, according to a statement from Belarus Prime Minister Mikhail Myasnikovich, posted on the government’s website yesterday.

The Belarusian ruble plunged about 56 percent on the interbank market since April 19, when the threat of a currency crisis forced the central bank trading restrictions. March gold and currency reserves fell the lowest in 18 months.

"The Belarusian central bank will also be required to take a number of steps aimed at stabilization," Shvetsov said. "Some of these may not be popular. Yet this is the sacrifice that needs to be made for the situation to improve, not worsen."

Bloomberg