EurAsEC loan availability for Belarus extended till 1 February 2015

The Anticrisis Fund Council has prolonged the stabilization program, which is backed by the financial loan to the Republic of Belarus, till 1 October 2014. The time the loan will remain available has been extended till 1 February 2015. The next session of the Anticrisis Fund Council will have to decide on allocating the sixth tranche of the loan in Q4 2014, BelTA reports. On 4 June 2011 the EurAsEC Anticrisis Fund Council authorized the allocation of a $3 billion financial loan to Belarus. The loan was to be allocated in six tranches in 2011-2013 in step with the fulfillment of the Belarus government's stabilization program, which is aimed at stabilizing the balance of payments and enhancing the competitive ability of the economy. The financial terms of the loan match the standard terms the EurAsEC Anticrisis Fund offers to countries with a medium level of earnings. The loan has been granted for ten years, including a three-year respite period, with a floating interest rate that reflects the price for Russia's funding on international markets. In April 2013 Belarus received the fifth tranche of the loan. A total of $2.560 billion was received in five tranches for the sake of maintaining the balance of payments and replenishing the international reserves. Belarus expected to receive the sixth tranche of the loan to the tune of $440 million in 2013. However, in late December the Anticrisis Fund Council delayed the decision on granting the tranche to Belarus by half a year. As large as $8.513 billion, the EurAsEC Anticrisis Fund was instituted by the governments of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan on 9 June 2009. The states are also participants of the Eurasian Development Bank. The EurAsEC Anticrisis Fund aims to assist the participating states in overcoming consequences of the global financial crisis, securing their economic and financial stability, and supporting integration processes in the region. The Eurasian Development Bank was entrusted with managing money of the EurAsEC Anticrisis Fund.