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Belarus asks a new loan from ACF EurAsEC

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Belarus asks a new loan from ACF EurAsEC

New EurAsEC loan for macroeconomic stabilization in Belarus discussed.

The Eurasian Development Bank and the Belarusian government have agreed to continue preparing a program of macroeconomic stabilization and structural reforms that could be backed by a new financial loan from the Anticrisis Fund of the Eurasian Economic Community, the press service of the Eurasian Development Bank told BelTA.

While visiting Belarus on 23-27 March, EDB experts met with First Deputy Prime Minister Vasily Matyushevsky, Chairman of the Board of the National Bank of the Republic of Belarus Pavel Kallaur, First Deputy Finance Minister Maxim Yermolovich and with representatives of international financial institutions and research communities. The sides reached an agreement to continue preparing the program of macroeconomic stabilization and structural reforms that could be backed by a financial loan from the EurAsEC Anticrisis Fund.

The EDB press service noted that as the bank in charge of managing assets of the EurAsEC Anticrisis Fund the EDB welcomes the measures taken by the new economic team in Belarus to toughen the monetary policy by raising interest rates and making the transition to a more flexible exchange rate in response to worsening external conditions. The policy has helped stabilize the situation on the currency market. At the same time the EDB believes that it will be possible to secure sustainable economic growth in Belarus in the medium term only through structural reforms and further optimization of the state role in the economy.

The team of EDB experts led by Alisher Mirzoyev, director of the project group of the Anticrisis Fund, visited Minsk for consultations with Belarusian authorities. In March 2015 the EDB received an application for a financial loan from the Anticrisis Fund for the sake of supporting the stabilization program of the Belarus government and the National Bank in 2015-2017. The consultations were held to discuss the application.

The Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with a view to assisting the development of market economies of the member states while facilitating their sustainable economic growth and expanding their mutual trade and economic ties. The EDB's authorized capital exceeds $1.5 billion. Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan are the EDB member states.

As large as $8.513 billion, the EurAsEC Anticrisis Fund has been instituted by the governments of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The EurAsEC Anticrisis Fund is tasked with providing assistance to 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 is entrusted with managing money of the EurAsEC Anticrisis Fund.

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