OREANDA-NEWS. The Eurasian Development Bank (EDB), which manages assets of the EurAsEC Financial Bailout Fund, believes it is premature to speak about a new stand-by programme for Belarus, EDB Vice CEO Sergei Shatalov.

As previously reported with reference to Russian Deputy Finance Minister Sergei Storchak, the EurAsEC fund will allocate a new loan to Belarus if Minsk upholds its commitments on the previous lending programme. On August 26 Belarus applied to the EurAsEC Anti-Crisis Fund for a new stabilization loan.

The result of the current stand-by programme (launched in 2011) needs analysing in the first place, Shatalov said.

Belarus signed an agreement with the Eurasian Development Bank, which manages the Anti-Crisis Fund's money, on a U.S. USD 3 billion loan in June 2011. Minsk agreed to receive the loan in six tranches and it has already received five tranches. So far Belarus has received five tranches, and the fund may make a decision on the provision of the final tranche in November, Storchak said.

According to Shatalov, the actions taken by Belarus' government and central bank, all supported by the current stand-by programme, produced evident positive effects: the exchange rate of the Belarusian ruble remains consistent, the central bank no longer issued emission credits, which cheap credit resources under government programmes kept to a minimum.

The EDB says Belarus' economic situation is stable, with the National Bank fully in control of the situation on financial markets and the banking system. Belarus still has a budget surplus, however, there are a few forms of government credit support, which give cause for concern, Shatalov. “It is too early to make conclusions. It remains to be seen how the situation will develop in the 3rd and the 4th quarters,” he said.