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25 Aug 2014

Lukashenko: Loans should be used to finance viable projects only

MINSK, 25 August (BelTA) - Loans should be used to finance viable projects only, Belarusian President Alexander Lukashenko said at a meeting to discuss the use of the Chinese credit resources, BelTA has learned.

Alexander Lukashenko recalled that in due time the People's Republic of China issued Belarus the loans worth $15-18 billion under different interest rates. Addressing the meeting participants, the President noted that he would like to hear reports on how these funds are used, how much of these loans has been received and which projects are implemented with their help.

"We have some credit resources left, under the good interest rate of 2-3% per annum, including from the People's Republic of China. I would like to hear the suggestions on the use of these funds," the President said.

"Naturally, we need to use these funds to finance viable projects, and the sooner they will pay off, the better," Alexander Lukashenko underlined.

The head of state emphasized that the money must be paid back. Part of the credits has been used to upgrade facilities in the energy and transport sectors. Alexander Lukashenko inquired how these enterprises perform today. "The situation when we upgrade production facilities and then have difficulty selling the products is the worst thing that can happen. Then we will need to ask ourselves a question why we took out the credit, why we manufactured these products and who will return those credits if products do not sell well?" the President said. "This is akin to a crime. The first to blame will be minister," added the head of state.

Alexander Lukashenko noted that he expects the State Control Committee to deliver its opinion on the matter.

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