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Eurasian Development Bank transferred the second tranche of the credit of the EurAsEC Anti-Crisis Fund to the Republic of Belarus

January 03, 2012 | Cbonds

Eurasian Development Bank (EDB) transferred to the Republic of Belarus the second tranche of the financial credit from the resources of EurAsEC Anti-Crisis Fund (ACF), in the amount of US$ 440 million. This occurred once Belarus completed the prior conditions and in accordance with the decision of the Fund Council.

On 28 November 2011 the ACF Council approved the disbursement of second tranche of the financial credit upon the fulfillment of the following two conditions:

(1) Signing of the Decree of the President of the Republic of Belarus on the transfer of non-core assets of the National Bank of the Republic of Belarus (NBRB); and

(2) Raising by the NBRB in December 2011 of the rates of instruments to provide liquidity in the interbank market by 5 percentage points.

Presidential Decree “On the Optimization of the Structure of Assets of the National Bank of the Republic of Belarus” was signed on 23 December 2011 and as of 12 December 2011 the refinancing rate was raised from 40% to 45%. Simultaneously, the rate on liquidity support instruments was raised from 65% to 70% per annum.

On 4 June 2011 the ACF Council approved the financial credit to the Republic of Belarus in the amount of US$3 billion, and on 20 June 2011, EDB disbursed to Belarus its first tranche in the amount of US$800 million.

The subsequent four tranches, each in the amount of US$ 440 million, will be disbursed to Belarus in 2012-2013, as the Government progresses at implementation of its Program for macroeconomic and fiscal stabilization. The Program includes measures for the reduction of the current account deficit via tightened monetary and fiscal policies, the reduction of emission lending to the economy, and the replenishment of international reserves to an economically safe level.

The credit is extended for 10 years, including a three-year grace period, during which only the interest is being paid. Principal repayments will begin in the second half of 2014. Today, the Ministry of Finance of the Republic of Belarus has also made to EDB the second interest payment due on this loan. The interest rate for the loan is recalculated as the cost of funding of the Russian Federation in the international markets, averaged over three months that precede the date of a given interest payment (but not higher than 4.9% per annum). Interest is paid on a quarterly basis.

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