Belarus to discuss raising up to $3 billion from the Eurasian Stabilization Fund Russia

The Belarusian authorities are discussing the possibility of attracting a loan of up to $ 3 billion, partially or completely from the Eurasian Fund for Stabilization and Development (EFSD), two sources in the Belarusian government told RBC, according to which this issue has become one of the topics of negotiations with RUSSIA. The EFSD confirmed to RBC that the fund is holding preliminary consultations with Belarus, but "it is still premature to talk about the amount of the loan and the specific timing of its provision."

“Currently, representatives of the EFSD are conducting preliminary consultations with the authorities of the Republic of Belarus on filling out the program matrix of measures that can be supported under a potential financial loan from the EFSD in the medium term,” the fund said.

On September 8, Russian Finance Minister Anton Siluanov, who is Russia's plenipotentiary in the EFSD, said that Russia could provide additional support to the Belarusian authorities. “We see that our neighbor is in a difficult financial situation. Therefore, we interact with our colleagues, various support issues are discussed. But now the most important task is aimed at stimulating the process of integration, signing the so-called strategic plans for the integration of our economies. Today it is the most important thing on the agenda. But I do not rule out that we will be able to provide some types of support to our Belarusian partners, if necessary, ”he said, answering RBC’s question about Russia’s plans to provide financial assistance to Belarus. In what form assistance can be provided, he did not specify.

So far, the issue of allocation of funds has not been agreed upon by the Russian side, according to which the fund does not have the opportunity to provide the entire requested amount, RBC's interlocutor in the Belarusian government noted. This position was confirmed to RBC by a source in the Russian Cabinet.

At present, the EFSD limit on the provision of credit resources to Belarus is about $1.98 billion, and it has been completely exhausted. Therefore, in the fall of 2020, the provision of a new EFSD loan to MINSK for $500 million required the redistribution of this amount from the Russian limit in favor of Belarus, which was decided by the EFSD Council. The Russian limit is about $3.5 billion, which means that possible further lending to Belarus would require the Russian limit to be used again in the fund.