Belarus expects $440m credit tranche from EurAsEC in November
2011-08-29 18:00:45
Belarus expects to receive the second tranche of the EurAsEC credit in November 2011, Finance Minister of Belarus Andrei Kharkovets told reporters on 29 August.
“We expect to get the next $440 million tranche of the EurAsEC credit in November,” Andrei Kharkovets said.
The agreement to extend the credit was signed by the EurAsEC Anticrisis Fund and Belarus on 9 June 2011.
The total amount of the credit is to be $3 billion. The credit will be allocated in six tranches in 2011-2013. Belarus received the first tranche of $800 million on 21 June. The amount to be allocated in 2011 will make up $1.24 billion. The remaining amount will be given in equal installments twice a year over the next two years (2012-2013).
The interest rate Belarus is to pay should not exceed 4.9% per year. The credit is granted for ten years with a three-year moratorium on paying off the principal debt. The credit extension terms comply with international standards applied to stabilization programs.
The credit will be used to support Belarus’ medium-term economic policy developed by the government and the National Bank, i. e. to replenish the international reserve assets and finance the deficit of the balance of payments of Belarus.