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12 October 2020, 17:05

Eurasian Stabilization and Development Fund approves $500m loan to Belarus

MOSCOW, 12 October (BelTA) – The Eurasian Fund for Stabilization and Development (EFSD) has approved a $500 million loan to Belarus, BelTA learned from the website of the Russian Ministry of Finance.

“The Council of the Eurasian Stabilization and Development Fund (EFSD) has approved a $500 million loan from its own funds to the Republic of Belarus. The decision was made on 9 October,” the statement reads.

“Restrictions associated with the pandemic have had a negative impact on the economic activity of Belarus and pose serious risks. The loan will help the government to ensure high-quality healthcare assistance, balance out the fiscal policy and ensure the sustainability of the banking sector,” Russian Minister of Finance Anton Siluanov commented on the decision.

In addition to the EFSD loan, Belarus will receive a loan of $1 billion from Russia. It will be provided in two tranches. The first tranche of $500 million will be disbursed in 2020, the other $500 million - in 2021, the Russian ministry noted.

The statement cites the terms of the loan: floating interest rate (defined as the average yield of Russian eurobonds denominated in U.S. dollars with a maturity period of 7 years), the term of the loan is up to 10 years, the grace period is up to 5 years.

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