Eurasian Integration Yearbook 2012

Natalia Maqsimchook. “Chronicle of EurasianRegional Integration 2011”2011: Data and Reviewsthe Chairman of the ACF Council, Russian Finance Minister Aleksei Kudrin,announced that the ACF was considering providing credit to Yerevan.A number of independent consultants are working on the issue together with theEurasian Development Bank. The ACF Council may take a decision on lendingto Armenia during its next meeting.Note:Kudrin first mentioned extending ACF credit of about $400 million to Armenia at the ACF Council meeting onJune 4, 2011 in Kyiv.Belarus receives first tranche of EurAsEC ACF loanJune 21, 2011www.eabr.orgBelarus received the first $800 million tranche of a loan provided by theEurAsEC Anti-Crisis Fund. The next five tranches each totalling $440 millionwill be disbursed to Belarus in 2012-2013, while the government programmefor stabilising the Belarusian balance of payments and improving its economiccompetitiveness is being implemented. The programme foresees measures tocurb the credit financing of the country’s economy, strengthen fiscal discipline,and replenish international reserves to an economically secure level.Note:On June 4, 2011 the ACF Council approved a $3 billion loan to the Republic of Belarus. The EurasianDevelopment Bank, the manager of the ACF resources, and the government of Belarus signed a loan agreementon June 9. Belarusian President Alexander Lukashenko ratified the agreement and put it into effect on June15.The credit is extended for 10 years, including a three-year grace period, during which only the interest is beingpaid. Capital repayments will begin in the second half of 2014.The terms of the loan meet the standard terms and conditions approved by the ACF Council for middle-incomemember countries. The floating interest rate is tied to the price of Russian funding in international markets(currently around 4.3% per annum) and will be reviewed every three months.Belarus to receive second tranche of EurAsEC ACF loanNovember 28, 2011www.eabr.orgThe Council of the EurAsEC Anti-Crisis Fund approved a second $440 milliontranche of the loan to Belarus pending clarification of components of thecountry’s anti-crisis programme.Eurasian Development Bank247