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Belarus tightens rules for applying for state support

President 11.01.2019 | 09:28
An archive photo
An archive photo

MINSK, 11 January (BelTA) – The rules for applying for and using financial support from the government will be tightened in line with Decree No. 10 signed by Belarus President Alexander Lukashenko on 10 January, BelTA learned from the press service of the Belarusian leader.

The document introduces a number of amendments to Decree No. 106 as of 23 March 2016 “On government programs and government financial support”.

In particular, government support can be provided in exceptional cases upon the approval of the president and only in the form of a budgetary loan for implementing investment projects that successfully passed a comprehensive state examination.

The decree specifies the list of those who can apply for government support. The list features resident companies of the Republic of Belarus (except for state-funded organizations, banks, the Development Bank of the Republic of Belarus, insurance companies and non-banking lending institutions, unless otherwise specified by the head of state) and individual entrepreneurs.

Recipients of government subsidies shall achieve a number of targets related to profitability of sales, labor efficiency, and reduction of production and sales costs. These targets should not be revised afterwards. If a recipient fails to meet these targets, he/she will have to give back the budgetary funds prematurely.

The document obliges recipients of budgetary funds to update the government on the progress in fulfilling the obligations on the loan agreement and in meeting the targets specified by the agreement. This information should be submitted every year. The decree specifies the mechanism of determining subsidized interest rates on the loans issued as a form of financial support for implementing government programs.

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