Belarus earmarks most of $500m EDB loan to strengthen health care – Lukashenko
<p> MINSK, Dec 15 - PrimePress. Belarus has spent most of the $500 million loan received from the Eurasian Development Bank (EDB) to support the healthcare system, President of Belarus Alexander Lukashenko said on December 15, 2020, the presidential press office reports. </p> <p> </p> <p> The loan was provided by the Eurasian Fund for Stabilization and Development (EFSD) for ten years in one tranche with a grace period of up to five years at a floating interest rate (defined as an average yield of the Russian Eurobonds in U.S. dollars for a period of seven years). The EDB, which manages EFSD monetary assets, transferred the loan to the Belarusian budget on October 16, 2020. It was reported that on the same day, the Belarusian authorities transferred $330 million out of the $500 million to Russian Gazprom to pay off the debt for supplied natural gas. EFSD Managing Director Andrei Shirokov said in early December that Belarus would use the loan to fight COVID-19 and support vulnerable groups of the population. </p> <p> </p> <p> Lukashenko said the loan funds were originally planned to be used to help the economy withstand pandemic impacts. “I thought that $500 million would be invested in the economy, and we will be able to ensure 100% of GDP this year. No country has achieved this. And then the second wave came. This is not only about fringes, though. Money is also needed for medicines. If there is money, I will certainly give it to doctors first,” he said. </p> <p> </p> <p> The Eurasian Fund for Stabilization and Development is a regional financial tool established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan inn the amount of $8.513 billion. Its purpose is to help overcome crises, ensure long-term sustainability and facilitate integration of national economies of its member states. The fund is generated by contributions made by the member states. The Russian Federation accounts for 90%. The EFSD is managed by the Eurasian Development Bank. </p> <p> </p> <p> The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB charter capital totals US $7 billion. The bank’s member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. End </p>
2020-12-16
Primepress
Belarus earmarks most of $500m EDB loan to strengthen health care – Lukashenko
MINSK, Dec 15 - PrimePress. Belarus has spent most of the $500 million loan received from the Eurasian Development Bank (EDB) to support the healthcare system, President of Belarus Alexander Lukashenko said on December 15, 2020, the presidential press office reports.
The loan was provided by the Eurasian Fund for Stabilization and Development (EFSD) for ten years in one tranche with a grace period of up to five years at a floating interest rate (defined as an average yield of the Russian Eurobonds in U.S. dollars for a period of seven years). The EDB, which manages EFSD monetary assets, transferred the loan to the Belarusian budget on October 16, 2020. It was reported that on the same day, the Belarusian authorities transferred $330 million out of the $500 million to Russian Gazprom to pay off the debt for supplied natural gas. EFSD Managing Director Andrei Shirokov said in early December that Belarus would use the loan to fight COVID-19 and support vulnerable groups of the population.
Lukashenko said the loan funds were originally planned to be used to help the economy withstand pandemic impacts. “I thought that $500 million would be invested in the economy, and we will be able to ensure 100% of GDP this year. No country has achieved this. And then the second wave came. This is not only about fringes, though. Money is also needed for medicines. If there is money, I will certainly give it to doctors first,” he said.
The Eurasian Fund for Stabilization and Development is a regional financial tool established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan inn the amount of $8.513 billion. Its purpose is to help overcome crises, ensure long-term sustainability and facilitate integration of national economies of its member states. The fund is generated by contributions made by the member states. The Russian Federation accounts for 90%. The EFSD is managed by the Eurasian Development Bank.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB charter capital totals US $7 billion. The bank’s member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. End