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09 January 2024, 11:19

Belarus extends additional export support measures till 2024 yearend

MINSK, 9 January (BelTA) - The Belarusian government has extended additional export support measures till the end of 2024 in part of determining export financing terms and conditions. The decision is stipulated by the Council of Ministers' Resolution No. 1000 of 29 December 2023, which has been officially published on the national legal internet portal, BelTA has learned.

The document provides for the corresponding amendments to government resolutions No. 58 “On export financing terms and conditions” of 24 January 2023 and No. 691 “On amendments to the resolutions of the Council of Ministers of the Republic of Belarus on export financing” of 17 October 2023.

Export financing terms and conditions are stipulated by Decree of the President of Belarus No. 534 “On Promotion of Export of Goods (Works, Services)” of 25 August 2006. Resolutions additionally set the conditions for 2023-2024. Thus, the Development Bank and banks provide export loans to residents (except for leasing organizations) for the production of goods included in the relevant government list; to residents authorized to sell such goods to non-residents; to non-resident organizations on the basis of assignment, commission, and other similar civil law contracts concluded with selling organizations.

Loans are issued in an amount that cannot exceed simultaneously the value of the export contract for short-term export loans and 85% of the value of the export contract for long-term export loans.

Export loans in Russian and Belarusian rubles are granted with interest payments of at least two thirds of the key interest rate of the Central Bank of the Russian Federation and the refinancing rate of the National Bank of Belarus.

Other support measures include financing by the Development Bank and banks against assignment of monetary claims (factoring).

Belarusian Unitary Enterprise of Export-Import Insurance Eximgarant of Belarus has the right to carry out voluntary insurance of export risks with government support on co-insurance terms with Belarusian Unitary Insurance Enterprise Belgosstrakh with transfer of these risks in reinsurance to the Belarusian National Reinsurance Organization.

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