OREANDA-NEWS. December 22, 2011. Belarus will get a second tranche worth U.S. USD 440 million of the EurAsEC bailout loan, as soon the National Bank of Belarus raises the refinancing rate to match the level of inflation, EurAsEC Bailout Fund coordinator Sergey Shatalov said.

Belarus received the first, U.S. USD 800 million tranche in June, following a severe financial crisis in the country. On the whole, Belarus is to receive a USD 3 billion loan over a 3-year period.

The Council of the EurAsEC Financial Bailout Fund on November 28 gave the green light to providing Belarus with a second tranche worth U.S. USD 440 million of a loan, should the country detail certain points of its plan to cope with an ongoing financial crisis.

To get the second tranche of the bailout loan, the Government of Belarus was supposed to meet 10 targets, Shatalov said. The only target remaining, according to the Russian official, is the real value of borrowing on the financial market.

According to the financial regulations of the EurAsEC Bailout Fund, the borrower must make sure the refinancing rate matches the level of inflation, Shatalov said.

Belarus has been plagued with extreme inflation growth in the past few months, with the borrowing rates sinking into the red, Shatalov said.

The National Bank of Belarus has raised the refinancing rate eleven times since early 2011, from 10.5% to 40% per annum.

Belarus reported core inflation of 101.5% in Jan-Oct and 8.3% in October alone.