The Eurasian Economic Community fund will loan $440 million to Belarus next month, Bloomberg reports. Approval for this loan came three days after Belarus decided to sell its pipeline network to energy company Gazprom. The $10 billion anti-crisis fund, set up three years ago by former Soviet states, loaned $800 million to Belarus on June 21.
The fund will lend a further $2.2 billion in five installments over the next three years. Belarus seeks foreign currency as the country’s current-account deficit eroded international reserves, forcing the authorities to devalue the ruble by two-thirds since January. Separately, the fund may also loan $106 million to Kyrgyzstan early next year.
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