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Lukashenka Fails with the Third Tranche of the EFSD

Lukashenka Fails with the Third Tranche of the EFSD

Belarus has failed to receive the third tranche of the Eurasian Fund for Stabilization and Development (EFSD) in November and December.

December meeting of the Fund did not consider the issue. Tut.by found out the reasons for delay.

"The program (with the EFSD - editor's note) is being successfully implemented. As of September 1 there are premises to hope for the third tranche. The situation on the currency market is stable. Demand surplus for foreign currency is observed in the market. The National Bank renews forex reserves now," prime minister stated in August.

In September, after the check date, first Deputy Head of the National Bank Taras Nadolny said that Belarus "has fulfilled all the necessary indicators" and waited for a tranche. The Finance Ministry, the first Deputy Minister Maksim Yermalovich had no doubts in the tranche and in November he reported that Belarusian issue would be considered in late November-early December. But after the meeting of the Council of December 6 the regular tranche was given to Armenia.

The press-service of the Ministry of Economy of Belarus informs that experts from the ministry and the Eurasian Bank for Development discuss the Belarusian application.

"The issue on financial loan to Belarus was not the agenda. Fulfillment of conditions on other tranche is being consulted on now," the press service of the EDB said.

According to the source, it is about the situation when Belarus failed to comply with 3 of 22 indicators (one part is monitoring, the other one - indicative) of the measure matrix of the economic policy and structural changes.

Thus, interlocutors confirm that core indicators were fulfilled, but there are loop-holes in the document that do not allow automatically hope for receipt of funds. For example, there is a stipulation concerning indicators, they may subject to toughening "in case of risks of failure to comply with program goals." Specific measures and updated indicators are specified in additions to the Letter of intent for a corresponding tranche. Belarusian experts note that non-fulfillment of separate indicators is common and it has almost never caused other tranche.

Interlocutors believe that current principality and firmness towards Minsk is of political nature. It is about accumulated but still not resolved issues between Belarus and Russia including the most urgent one for Belarus - energy. Hopes for the November meeting of two heads of the countries collapsed. Oil and gas supply issues are remained open, Minsk was subject to ideological attack of the Russian media, and the failure to obtain funds is one more symptom.

Sources believe that the tranche will not be provided until the end of the year.

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