Credit tranche to ensure country’s financial stability
Fifth tranche of EurAsEC Anti-Crisis Fund allocated by late February
By Victor Khromov
“Specific dates are yet to be announced by the EurAsEC Anti-Crisis Fund,” notes the Deputy Chairman of the Eurasian Development Bank, Sergey Shatalov. Moscow recently hosted negotiations with Belarus on allocating the fifth tranche of the EurAsEC Anti-Crisis Fund, meeting a delegation from the Ministry of Finance and the National Bank, which prepared a letter of intentions regarding the allocation of the sixth tranche.
“This is just the beginning of negotiations; we’ll continue over coming days. The Ministry of Finance has given its performance results of how the latest tranche was used and all seven ‘benchmarks’ have been met,” Mr. Shatalov tells us. “Volumes of international reserves, net international reserves and net domestic assets are as they should be.”
Necessary indicators of reduced inflation were discussed, as Mr. Shatalov explains. “To strengthen the trust of foreign creditors and encourage investors, inflation needs to continue falling, as both sides agree.” The Eurasian Development Bank was founded by Russia and Kazakhstan in January 2006, with authorised capital exceeding $1.5bn. It aims to help promote sustainable economic growth, while extending trade and economic ties, between Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
The EurAsEC Anti-Crisis Fund stood at $8.513bn in June 2009; money has been used to assist member countries in overcoming the effects of the global financial crisis, ensuring their economic and financial stability, while supporting integration processes in the region.