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16 October 2020, 16:16

Belarus confirms receiving $500m from EFSD

MINSK, 16 October (BelTA) – The loan of the Eurasian Fund for Stabilization and Development (EFSD) at the amount of $500 million has reached the national budget of Belarus, BelTA learned from the press service of the Belarusian Finance Ministry.

“On 12 October the Republic of Belarus and the Eurasian Development Bank signed an agreement on providing a financial loan from the Eurasian Fund for Stabilization and Development to support the budget of Belarus amid the COVID-19 pandemic. The loan of $500 million is allocated for 10 years in one tranche. The loan has been transferred in full to the national budget on 16 October,” the Finance Ministry said.

As the EFSD press service informed earlier, the funds are granted for up to 10 years, with the grace period of up to 5 years at a floating interest rate (defined as the average yield of Russian eurobonds denominated in U.S. dollars with a maturity period of 7 years).

The Russian Finance Ministry said that apart from the EFSD funds Belarus will also get a loan of $1 billion from Russia. It will be allocated in two tranches: $500 million in 2020 and another $500 million in 2021.

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