EurAsEC anti-crisis fund lays down tougher demands

The EurAsEC anti-crisis fund insists on a tougher stabilization program of Belarus than the one settled in 2011, Head of the National Bank Nadzeya Yermakova told journalists at the press conference on April 4, 2012. «The Anti-Crisis Fund wants to toughen our programme in the sphere of privatization and in the volume of gold and foreign currency reserves, which must cover not two, but three months of imports,» Yermakova said.

According to her, «proceeding from the volume of gold and foreign currency reserves, now there is no pressing need in receiving additional $ 440 mln». The Head of the National Bank supposes that the Belarusian authorities will manage to negotiate other loan tranches’ disbursing with the EurAsEC anti-crisis fund.

«Next week the fund experts are to visit Belarus and our work will continue. I hope we will come to an understanding and sooner or later receive two tranches this year,» Yermakova said.

In June, 2011 the Council of the EurAsEC anti-crisis fund sanctioned $ 3 bn loan for supporting the stabilization program of the Belarusian government. Two tranches ($800 mln and $440 mln) came, but the EurAsEc withheld another installment of the loan. According to the plan enacted, it was to be disbursed by February 28, 2012.


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