EurAsEC Anticrisis Fund assessment mission to work in Belarus 15-19 October

The loan is issued as part of the anticrisis program implemented by the Belarusian government in cooperation with the EurAsEC Anticrisis Fund. After its work in Belarus the assessment mission will continue its distant consultations at the level of the Finance Ministry of Russia. If the country fails to fulfill any condition of the anticrisis program necessary for the allocation of the fourth tranche, additional negotiations will take place to address the issue.

On 4 June 2011 the Council of the EurAsEC Anticrisis Fund approved a $3 billion loan for Belarus in 2011-2013, together with a program of economic reforms. The loan will be provided in six tranches. The Eurasian Development Bank transferred two tranches ($800 and $440 million) to Belarus last year. This year Belarus is to get two more tranches of $440 million each. One of them arrived in the country on 15 June. 

The Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 to assist the development of market economies of the member states while facilitating their sustainable economic growth and the expansion of mutual trade and economic ties. The EDB authorized capital exceeds $1.5 billion. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

As large as $8.513 billion the EurAsEC Anticrisis Fund was founded by the governments of the six countries on 9 June 2009. The Fund is meant to assist the member states in overcoming consequences of the global financial crisis, securing their economic and financial stability and supporting integration processes in the region. The member states have authorized the bank to manage money of the Anticrisis Fund.