Gazeta.ru: Minsk exchanges potash for tranche

The economic situation makes the government to sell a part of country's “family silver”.

The State Property Committee of Belarus proposes the government to sell minority stakes in Belaruskali potash company and Naftan oil refinery. The economic situation makes the authorities to sell a part of “family silver”, prime minister Mikhail Myasnikovich says. Privatisation is the main conditions for transferring another tranche of the EurAsEC  loan to Belarus, Gazeta.ru reminds.

Assets privatisation is among the conditions for Belarus to receive a tranche of the EurAsEC Anticrisis Fund. The Fund approved allocation of  a $3 billion loan to Minsk in summer 2011. The loan will be allocated in several tranches in 2011-2013 provided that Minsk privatises assets worth $2.5 billion annually. The country fulfilled the condition in 2011 by selling a 50% stake to Gazprom to the required amount. In 2012, the Belarusian government privatised the assets worth only some million dollars. The country already received three $440m tranches.

After Heorhy Kuznyatsou (the State Property Committee head) made a statement on Wednesday offering to sell the minorities stakes in Naftan and Belaruskali at $2.5 billion, the Eurasian Development Bank released a statement saying Belarus could receive the fourth $440m tranche of the EurAsEC Anticrisis Fund next week. According to schedule, the tranche should have been transferred to Minsk in October 2012. It is already included in the list of financing sources for the country's budget deficit in 2013.