BELARUS NEWS AND ANALYSIS

DATE:

28/10/2008

Russia to give Belarus credit of $1 bln in November

MOSCOW, October 28 (Itar-Tass) -- Russia will give Belarus a credit of one billion dollars in November 2008, the second tranche of one billion dollars will be given in the first quarter of 2009, Russian Deputy Finance Minister Dmitry Pankin said in an interview with the economic news agency PRIME-TASS.

"We'll give one billion dollars in November this year and one billion dollars - - in 2009 after the adoption of amendments to the federal budget for 2009. In the first quarter of 2009, these funds will be allocated," he said.

As the deputy minister said, credit conditions are still being discussed. They will be close to market ones. The credit is being given for 15 years with a five-year privileged period of payments of the main debt. "We plan that these credits will be connected with the adoption of a plan of joint action where measures of economic character, which the Belarussian and Russian sides will take, will be defined. Issues of the currency rate and an access of Russian companies to the Belarussian market will be recorded in it. It will include issues of privatisation in Belarus and a balance of payments, too. That is, we plan to adopt programmes of action in the economic field," Pankin said.

Touching upon Belarus' possibility to attract an IMF credit of two billion dollars, Pankin said that this issue was discussed at talks with Belarus. "We don't see any contradictions with the fact that Russia, in its turn, provides a credit," he said.

Speaking about Belarus' entrance to the Russian stock market with placing of bonds, Pankin said: "Nobody has removed this issue. However, it is clear that it is impossible to place securities of Belarus at the current market. This issue wasn't discussed yet and won't be discussed, probably, until the situation in the financial market settled down. It's doubtful that it will take place in 2-3 months."

He also said that additional conditions of giving the credit connected with the use of the rouble as a currency of payments, as well as a reserve currency haven't been coordinated yet. "There is an understanding that it is also necessary to mention issues of using the Russian rouble in mutual trade. We haven't agreed yet how all this will be finally formulated," Pankin said.

Source:

http://www.itar-tass.com/eng/level2.html?NewsID=13217913&PageNum=0

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