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Belarus to get hefty loan from Eurasian Development Bank in support of reform measures

Xinhua, March 29, 2016 Adjust font size:

Belarusian Finance Ministry on Monday announced that it had signed an agreement with Eurasian Development Bank, a regional development banking entity, over obtaining a loan of 2 billion U.S. dollars from the latter.

The loan will be made available and granted in seven tranches during the 2016-2018 period. It has a term of ten years. The first tranche of the loan -- totaling 500 million U.S. dollars -- is expected to be transferred to Belarus within the next few days, said the Belarusian ministry in a statement.

The money obtained through the loan will be used to support reform measures of the Belarusian government and the country's central bank from 2016 to 2018. The reform measures are aimed at creating macroeconomic prerequisites for economic growth in Belarus and realizing market mechanism meant to stabilize the economic growth, said the ministry.

The Eurasian Development Bank is a regional development established in 2006. It now has six member states -- Russia, Kazakhstan, Armenia, Belarus, Kyrgyzstan and Tajikistan -- and manages the Eurasian Fund for Stabilization and Development.

The Council of the Eurasian Fund for Stabilization and Development approved the economic reform measures of the Belarusian government on March 25, 2016. Endit