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17 Sep 2020

Russia to provide $1.5bn loan to Belarus in two stages

Russia to provide $1.5bn loan to Belarus in two stages
Photo courtesy of Russia's Ministry of Finance

MINSK, 17 September (BelTA) – Russia plans to provide Belarus with $1.5 billion loan in two stages, TASS quoted Russian Minister of Finance Anton Siluanov as saying.

According to Anton Siluanov, $1 billion will be provided in 2020. $500 million of this amount will be issued as part of the Eurasian Fund for Stabilization and Development, and the other $500 million – as part of the interstate loan. The rest, $500 million, will be granted in 2021 as part of the interstate loan.

The minister added that all conditions are being worked out with the Belarusian Finance Ministry. Anton Siluanov stressed that the cost of borrowing will be a bit higher than the cost of borrowing on the federal loan bond market.

“We will appeal to our colleagues so that this institution (Eurasian Fund for Stabilization and Development) could decide on a program to support Belarus,” Anton Siluanov added.

The Russian minister said that Russia needs legislative amendments to provide an interstate loan. “Such amendments have been prepared for the Budget Code. Once they are adopted, we will begin work on providing the interstate loan,” Anton Siluanov concluded.

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