Belarus has secured a bailout credit facility worth $3 billion from the Russia-led regional stabilization fund, The Wall Street Journal reports. The finance ministers of six former Soviet states have agreed to give Belarus a bailout loan for 10 years with a three years grace period.
The money will be arranged from the special $8.5 billion Russia-led bailout fund of the Eurasian economic community. The first tranche of $800 million will be transferred within the next 15 days and another $440 million by the end of 2011. The east European country is looking for a separate bailout package from the International Monetary Fund, adds Bloomberg.
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