Belarus spends $200m out of EFSD loan to repay its debt for Russian gas – Lukashenko
<p> MINSK, Dec 16 - PrimePress. Belarus allocated $200 million from the loan received from the Eurasian Fund for Stabilization and Development (EFSD) to pay for Russian natural gas supplied in 2020. Another part of the loan–$300 million–was spent on anti-COVID-19 measures, President of Belarus Alexander Lukashenko said on December 15, 2020, ONT TV channel reports. </p> <p> </p> <p> “You remember how I fought with Russia early this year over these energy prices. COVID-19 was coming, and the money was to be taken somewhere. The Russians provided $500 in a loan from the Eurasian bank. I thought we should have pulled up the economy and, accordingly, health care with it. And then the second wave of the pandemic began. I paid $200 million for the gas to keep you warm in winter, and gave $300 million to the doctors for a COVID-19 response,” ONT quotes Lukashenko as addressing health professionals at the Mogilev Regional Clinical Hospital. </p> <p> </p> <p> As previously reported, the EFSD ten-year loan totaling $500 million was allocated in one tranche with a grace period of up to five years at a floating interest rate (defined as the average yield of Russian Eurobonds in US 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> 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>
2020-12-17
Primepress
Belarus spends $200m out of EFSD loan to repay its debt for Russian gas – Lukashenko
MINSK, Dec 16 - PrimePress. Belarus allocated $200 million from the loan received from the Eurasian Fund for Stabilization and Development (EFSD) to pay for Russian natural gas supplied in 2020. Another part of the loan–$300 million–was spent on anti-COVID-19 measures, President of Belarus Alexander Lukashenko said on December 15, 2020, ONT TV channel reports.
“You remember how I fought with Russia early this year over these energy prices. COVID-19 was coming, and the money was to be taken somewhere. The Russians provided $500 in a loan from the Eurasian bank. I thought we should have pulled up the economy and, accordingly, health care with it. And then the second wave of the pandemic began. I paid $200 million for the gas to keep you warm in winter, and gave $300 million to the doctors for a COVID-19 response,” ONT quotes Lukashenko as addressing health professionals at the Mogilev Regional Clinical Hospital.
As previously reported, the EFSD ten-year loan totaling $500 million was allocated in one tranche with a grace period of up to five years at a floating interest rate (defined as the average yield of Russian Eurobonds in US 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.
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