Belarus says gets another $1 bln in addition to EurAsEC loan

Belarus has secured $1 billion in addition to a loan from the EurAsEC anti-crisis fund and will receive the money within a month, head of Belarusian presidential administration Vladimir Makei said on Wednesday.

The Eurasian Economic Community (EurAsEC) approved on June 4 the disbursement of a $3 billion stabilization loan for Belarus to help the eastern European country tackle its currency problems.

“Besides this [loan from the EurAsEC anti-crisis fund], we have found another $1 billion from a different source. Belarus will receive the money in the near future,” Makei said without specifying the source.

The official said the government now has enough time and resources to calmly monitor the situation with the currency in the country and take corrective measures whenever necessary.

In the first quarter of this year, the Belarusian ruble experienced pressure from a large trade deficit, generous wage increases and loans granted by the government ahead of the December 2010 presidential elections, which spurred strong demand for foreign currency.

As a result, Belarus’ central bank has devalued the ruble to 4,930 per dollar from 3,155, while the government has applied for a $1 billion loan from Russia and a $2 billion loan from EurAsEC.

Belarus will receive $1.2 billion during the first year form the EurAsEC relief fund, $800 million during the second year, one $1 billion during the third year.

Belarusian Finance Minister Andrei Kharkovets has said Belarus hopes to sign a credit agreement with the International Monetary Fund (IMF) this fall.

MINSK, June 8 (RIA Novosti)

Leave a comment