Belarus expects to start consultations with the Eurasian Fund for Stabilization and Development (EFSD) in September on a new program.

27 August, Minsk /BELTA/. The Ministry of Finance of Belarus expects to start consultations with the EurAsEC Anti-Crisis Fund in September 2013 on financing a new program, BELTA was informed by the Ministry of Finance.

"Given that the stabilization program with the EurAsEC Anti-Crisis Fund is nearing completion, the Ministry of Finance is interested in launching a fundamentally new program with the fund," the ministry noted. In connection with the fact that one of the ACF's areas of activity is support for the implementation of economic transformations, the Ministry of Finance has approached the Anti-Crisis Fund with a proposal to begin consultations to discuss the concept of a new structural reform program that could be supported by the fund's resources. "The Belarusian side plans to hold consultations with the fund's experts to develop the main fundamental approaches to implementing the new program as early as September of the current year," the Ministry of Finance clarified.

The stabilization program of the government and the National Bank of Belarus, supported by a financial loan from the EurAsEC Anti-Crisis Fund, has had a significant impact on achieving macroeconomic stabilization goals in Belarus, the ministry emphasized. "The implementation of the program's measures has allowed for the establishment of a unified foreign currency exchange rate. The refinancing rate of the National Bank remains at a positive level. Within the framework of the program, amendments have been made to the Banking Code, according to which the National Bank no longer performs functions not inherent to it. Budgetary balance at all levels has been achieved, and expenditures on lending to state programs have been reduced to less than 1% of GDP," the Ministry of Finance pointed out. During the program, gold and foreign exchange reserves have been increased to a level that ensures two months of imports. And this level is maintained despite payments for the repayment and servicing of external state debt.

On June 4, 2011, the EurAsEC Anti-Crisis Fund Council approved the allocation of a financial loan to Belarus in the amount of $3 billion. The loan is disbursed in six tranches during 2011-2013 in accordance with the implementation of the stages of the Stabilization Program of the Government of Belarus, aimed at stabilizing the balance of payments and increasing the competitiveness of the economy. The financial terms of the loan comply with the standard ACF terms for middle-income member states. The loan is provided for a period of 10 years, including a three-year grace period, and carries a floating interest rate reflecting the funding cost of Russia in international markets. Taking into account the fifth tranche, a total of $2 billion 560 million of the specified loan has been transferred to the country for the purposes of supporting the balance of payments and replenishing international reserves. By the end of the current year, the republic expects to receive the sixth tranche of the loan, amounting to $440 million.

The EurAsEC Anti-Crisis Fund, in the amount of $8.513 billion, was established on June 9, 2009, by the governments of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. These same states are participants of the Eurasian Development Bank. The objectives of the ACF are to assist member countries in overcoming the consequences of the global financial crisis, ensuring their economic and financial stability, and supporting integration processes in the region. The member states of the Anti-Crisis Fund have vested the Eurasian Development Bank with the functions of managing the fund's assets.-0-

News of Belarus (BELTA)