MINSK, 24 June (BelTA) – The House of Representatives ratified the $10 million loan agreement between Belarus and the International Bank for Reconstruction and Development (IBRD) on 24 June. The loan has been given for the implementation of a project to improve the Belarusian public finance management system, BelTA has learned.
The $10 million loan agreement between Belarus and the IBRD was signed in Minsk on 1 April 2016. The loan will mature in eight years with a five-year grace period. Belarus is to pay a one-time front-end fee of 0.25% of the loan amount.
The loan's principal and interest will be paid in equal installments twice a year.
The project to improve the Belarusian public finance management system aims to enhance strategic budget planning, consolidate funds in the single treasury account, increase the transparency of the budget, and introduce an integrated information system for public finance management.
