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Belarus considering borrowing from EDB, AIIB

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MINSK, 16 April (BelTA) – Belarus is working on the possibility of borrowing resources from the Eurasian Development Bank (EDB) and the Asian Infrastructure Investment Bank (AIIB), BelTA learned from Belarusian Finance Minister Maksim Yermolovich on 16 April.

Since it is difficult to borrow money abroad and on the home market at the moment, the Finance Ministry has concentrated attention on interaction with international financial institutions: the World Bank, the International Monetary Fund, the European Bank for Reconstruction and Development, and the European Investment Bank.

“We’ve started working on possibilities for raising resources from the Eurasian Development Bank and the Asian Infrastructure Investment Bank (AIIB). We’ve submitted proposals on working out a package of measures of the Eurasian Fund for Stabilization and Development,” he said.

“It is too early to talk about sums. We are in negotiations on financing the expenses relating to the support of healthcare institutions in the complicated epidemiological situation and the support of small and medium businesses,” Maksim Yermolovich clarified.

BelTA reported earlier that the Finance Ministry expects the International Monetary Fund to consider Belarus’ application for rapid financing due to the deterioration of the global economic situation by the end of April. Borrowing the equivalent of roughly $900 million is the idea. The entire quota may be allocated this year or over the course of two years. “We expect we may receive from $500 million to $900 million this year,” the Belarusian finance minister explained.

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