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Russia approves $700m loan to Belarus

Economy 22.08.2017 | 13:01

MOSCOW, 22 August (BelTA) - The Russian government has approved a draft agreement to extend the state loan of $700 million to Belarus, the Russian official legal portal reads.

“To approve the draft agreement between the Russian government and the Belarusian government, which was submitted by the Ministry of Finance agreed with the Ministry of Foreign Affairs of Russia, the Russian Ministry of Economic Development and the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and previously coordinated with the Belarusian side, to provide the state financial loan to the Belarusian government,” reads the resolution signed by Russian Prime Minister Dmitry Medvedev.

The Russian Ministry of Finance and the Ministry of Foreign Affairs have been authorized to hold talks with the Belarusian side and sign the agreement on behalf of the Russian government.

Under the draft agreement, the loan shall be given for a period of 10 years. The funds shall be made available in Russian rubles and shall be used to refinance the previous loan extended to Belarus by the Russian Federation. The loan shall be repaid in two annual tranches (starting 2018) - in April and October.

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