The EurAsEc, a regional economic grouping of ex-Soviet republics led by Russia, will disburse a $440 million third tranche of a bailout loan to Belarus within a week, Russian Finance Minister Anton Siluanov said on Friday.
“The funds [$440 million] will be transferred in nearest time. I think it will happen within a week,” Siluanov told reporters.
The fourth tranche of $440 million may be disbursed to Belarus this autumn, but the EurAsEc will add several conditions to the current agreement on the loan, for further implementation of a package of measures to restore its soured economy, Siluanov added.
The Belarusian ruble collapsed at the beginning of 2011, as a result of 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.
EurAsEc approved the disbursement of a $3-billion stabilization loan to help Belarus tackle its currency problems and transferred the first $800 million tranche in June 2011.
The second tranche, worth $440 million, was disbursed in December last year.