Timeframe for issuing Belarus 2nd tranche of EurAsEC Anti-Crisis Fund credit may change - EDB
MINSK. Aug 25 (Interfax) - The managing director for corporate financing at the Eurasian Development Bank (EDB), Dmitry Krasilnikov, thinks the timing of the release to Belarus of the second ($400 million) tranche of the Eurasian Economic Community (EurAsEC) Anti-Crisis Fund credit might be pushed back.
Earlier, the Russian leadership said the supposed timeframe for the second tranche's release would be this November.
"There are no set timeframes at this point. No one can say precisely when the second tranche will be extended," Krasilnikov told reporters in Minsk on Thursday.
In principle, he said, "The second tranche will be issued."
The uncertainty surrounding the timing is due to a lack of progress in Belarus meeting the structural reform obligations it has undertaken to the Anti-Crisis Fund, Krasilnikov explained.
He added that "Belarus' current fulfillment of its obligations indicate that nothing has been done so far". For instance, Krasilnikov said that Belarus has yet to "unify the exchange rate, stabilize the situation with reserves and restore the population's confidence in the national currently. These are the most difficult issues".
"I can't comment on the Belarusian authorities' ability to make the necessary decisions but there isn't any choice. In order for the situation to develop, very serious steps are necessary. One-time loans won't rectify the situation," he said.
Krasilnikov also said that Russia's support of Belarus is obvious "but the demands put forward by Russia are also obvious. [Russia] is interested in having a stable supplier of goods and services".
It was earlier reported that, at the start of June, the EurAsEC's Anticrisis Fund decided in favor of allocating Belarus a $3 billion stabilization loan in 2011-2013. The first tranche, worth $800 million, was received at the end of June.