BELARUS NEWS AND ANALYSIS

DATE:

14/11/2008

Belarus secures loan from Russia

RBC, 14.11.2008, Moscow 10:25:22.Russia and Belarus signed a memorandum on understanding in which they vowed to coordinate measures to raise the competitive edge of their respective national economies. Under the memorandum signed by Deputy Prime Ministers Alexei Kudrin of Russia and Andrei Kobyakov of Belarus, Russia will grant its partner a loan of $2bn in 2008-2009 for a period of 15 years at the interest rate of LIBOR plus 3 percent. In addition, the parties converged on the first tranche of the loan ($1bn) to be extended within a few days. A respective agreement on the second tranche will be signed as soon as the parties hammer out a joint action plan to improve their competitiveness - tentatively, by the beginning of February 2009. The payment itself is to be made before February 28, 2009.

The money will be used to cover the country's balance of payments to maintain its foreign trade, including with Russia.

Source:

http://www.rbcnews.com/free/20081114102522.shtml

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