Russia to give Belarus $1 billion loan

Russia will provide Belarus with a loan amounting to $1 billion “on good terms”.

According to Interfax-Zapad, Belarusian Deputy Prime Minister Vladimir Semashko made a statement to this effect in a broadcast of the local TV channel “ONT” on Sunday.

He announced that Belarus is expecting the allocation of the third and fourth tranches of the loan from the Eurasian Fund for Stabilization and Development (EFSD). “The third and fourth tranches, each for $300 million, in total $600 for the year, will come into Belarus on very favorable terms. Good deadlines, low interest rates,” Semashko said.

This matter was discussed at the negotiations of Belarusian and Russian Presidents Alexander Lukashenko and Vladimir Putin on Monday.

Semashko continued: “A commission was also issued to allocate an additional roughly $1 billion in loans, also on good terms”.

The Belarusian Ministry of Finance signed an agreement with the Eurasian Bank of Development on March 25, 2016, regarding the provision of financial credit from the EFSD. The agreement entails the allocation of financial resources amounting to $2 billion to support the economic policy and structural transformation measures of the government and the National Bank of Belarus for 2016-2018, approved by the EFSD.

At present, Belarus has received two tranches of the Eurasian loan, $500 million in March 2016 and $300 million in July.

  Russia, Belarus, loan