MINSK, April 30 (RIA Novosti) - Belarus has received the fifth tranche of a bailout loan from the EurAsEC Anti-Crisis Fund, a National Bank of Belarus spokesman said on Tuesday.
“Today Belarus has received a fresh $440 million tranche from the anti-crisis fund,” the spokesman said.
The funds will help replenish Belarus’ gold and foreign exchange reserves. Before Belarus received the fourth $440 million tranche late in January this year, its gold and international reserves stood at about $8 billion.
A $3 billion loan agreement between Belarus and the Eurasian Bank for Development, which manages the EurAsEC Anti-Crisis Fund, was signed in June 2011. Under the agreement, the loan will be disbursed in six tranches.
Belarus received the first tranche of $800 million in June 2011 and another two tranches of $440 million each in December 2011 and June 2012. The fourth tranche worth $440 million was granted on January 31, 2013.
EurAsEC’s assistance program for Belarus is designed to help rectify the country's serious economic imbalances, low gold and foreign exchange reserves and high inflation.
