Belarus Complies with Conditions for EurAsEC Loan, NBB Chairperson Says
30.05.2012 / 10:48
However, monetary policy will remain strict.
The Chairperson of the National Bank of Belarus Nadzieja Jermakova said on May 29 that the official Minsk was complying with the conditions for the next tranche of the EurAsEC Anti-Crisis Fund loan. According to her, the experts of the Ministry of Finance and the National Bank are now in Moscow. They should convince the Fund to provide Belarus with two tranches of the loan.
“I look forward to a positive outlook. Whatever anyone says, Belarus is complying with the previously set conditions to get the trenches,” BelTA quoted Nadzieja Jermakova.
The head of the NBB stresses that the financial regulator does not intend to soften its monetary policy, which should remain strict under existing conditions. “It is a must,” she pointed out.
The rigidity level of monetary policy will be monitored based on the situation in the economy of Belarus, said the head of the National Bank of Belarus.
Belarus reached an agreement with the Anti-Crisis Fund of the Eurasian Economic Community on a loan of $3 billion over three years. As part of the loan program Minsk received two tranches of loans totaling $1.24 billion.
However, the allocation of the remaining funds to Belarus has been halted. The next installment was due in February, but the ACF EEC believes that the Belarusian authorities do not fully meet the conditions for granting the loan.