Russian and Belarusian officials have prepared a draft contract for the loan that Russia will provide to Belarus, deputy FinMin Ermolovich told journalists on Wednesday. The frame agreement on the loan was reached during the meeting of presidents Lukashenko and Putin on Apr 3 and it is expected that the USD700m loan will be used to refinance other debts owed to Russia. According to earlier reports the loan may be disbursed by the end of June, but Ermolovich now said there are no deadlines in the talks.
On a separate note, Ermolovich said that Belarus does not expect any delays with the disbursement of the fourth tranche under the USD2bn loan from the Russia-led Eurasian Fund for Stabilisation and Development (EFSD). According to him the review for the fourth tranche was completed successfully and the EFSD is now assessing performance. We remind that the third tranche of USD300m was delayed and Belarus received the money at the end of April, while the disbursement of the fourth tranche is expected in October.