Belarus filed an application to the Eurasian Economic Community Crisis Fund before the presidential election - on October 22, 2010. A copy of the credit application, signed by head of the Ministry of Finance of Belarus Andrei Kharkovets, came at Belarusian mass media's disposal on July 1. Meanwhile, the fact that Belarus had applied for a loan for the first time became known only from Deputy Prime Minister Sergei Rumas on February 16, 2011.
The Belarusian side has asked EurAsEC Crisis Fund to promptly consider Belarus’ application and submit it to the Council «for discussion by the board of the fund in November 2010,» according to the application, «Belarusian News.»
The application states that the credit was necessary for Belarus «to cover the current account deficit for the period necessary for the implementation of macroeconomic adjustment and economic adaptation to new conditions of functioning, as well as to maintain international reserves at a level, ensuring the economic security of the state.»
«Reforming the financial sector and limiting quasi-fiscal financing » was among the tasks, the Belarusian authorities expected to decide within the program.
According to the October application, it was planned to attract a 3% of EurAsEC funds per annum, with a 5-year grace period and the repayment period, adjusted to a 10-year grace period. EurAsEC granted this application, though, eight months later and under different conditions — 4.1% floating rate with a 3-year grace period.