Russia will grant Belarus a $500m loan soon in an effort to minimize the effects of the global economic crisis, Russian Deputy Prime Minister and Finance Minister Alexei Kudrin announced in his speech at a joint Russian and Belarusian Finance Ministry board meeting in Minsk today.
Kudrin noted that Russia had already lent Belarus $3bn since the end of 2007, including $1.5bn in December 2008 and March 2009. "A further $500m loan will be made available to Belarus soon," the finance minister said. Other forms of support are also under discussion, he added.
According to Kudrin, Belarus is not the only country receiving credit facilities from Russia to fight the crisis. Support money is also going to Armenia and other countries, while an anti-crisis fund is currently being created within the Eurasian Economic Community as well.