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Belarus may receive fourth tranche of EurAsEC loan before year-end, says Russian deputy finance minister

Belarus may receive the fourth tranche of a $3-billion stabilization loan from the Anti-crisis Fund of the Eurasian Economy Community (EurAsEC) before the end of the year, Russia’s deputy finance minister, Sergei Storchak, told reporters Wednesday at the Zaslawye government residence near Minsk.

When asked whether Belarus was meeting the Anti-crisis Fund’s requirements regarding privatization, Mr. Storchak said that “negative signals are not coming.”

Mr. Storchak also said that the national currency had stabilized in Belarus and the available gold and foreign exchange reserves were equal to three months' worth of imports as had been required by the Fund.

Approved by the board of the EurAsEC Anti-crisis Fund on June 4, 2011, the stabilization loan for Belarus was aimed at supporting the country's efforts to improve its balance of payments. The 10-year loan was to be disbursed in six tranches within three calendar years.

The loan has a grace period of three years and carries a floating interest rate set on the basis of the reference rates of the Russian Federation and Kazakhstan.

The first, $800-million tranche of the loan was made available in June 2011. Another portion, $440 million, was provided in late December. Belarus received the third, $440-million tranche in mid-June. //BelaPAN