OREANDA-NEWS. June 27, 2012. The Eurasian Economic Community’s (EurAsEC) Financial Bailout Fund led by Russia has approved granting Belarus a third, USD 440 million bailout tranche after Minsk presented an economic reform plan, Deputy Chairman Sergei Shatalov said.

The third tranche was given the green light after the Board of the EurAsEC Financial Bailout Fund approved the adjusted letter of intentions submitted by the Government of Belarus, Shatalov said. The document clarifies an optimized programme of economic reforms the government has undertaken to fulfil in the hope of getting international financial aid.

The original programme of economic reforms had to be optimized after the macroeconomic situation in the country changed significantly as a result of resolute action by the Belarusian government, Shatalov explained.

According to Russian Finance Minister Anton Siluanov, the money will be transferred in a week.

As previously reported, during his visit to Minsk on May 31, Russian President Vladimir Putin confirmed that Belarus would get the third tranche of the stand-by loan from the EurAsEC Economic Bailout Fund.

The EurAsEC comprises Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

Hit by a financial crisis in 2011, Belarus agreed with the fund to receive a USD 3 billion stabilizing loan in several tranches from 2011 to 2013.

The fund has already disbursed USD 800 million and USD 440 million of the bailout. Siluanov said that the fourth tranche will amount to USD 440 million and will be approved between September and November after Belarus privatizes some companies.

“Our Belarusian colleagues tend to make these kinds of decisions in the second half of the year,” Siluanov said.

Shatalov said that the Belarusian economy has strengthened considerably since 2011 with the trade balance and budget demonstrating a surplus, and foreign exchange reserves rising.