Russian governmental loan to refinance VTB-bank loan

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April 22, 2016 18:49

Belarus’ Council of Ministers adopted a decree (No 339, April 10th, 2014) which approved the procedures for an intergovernmental loan from Russia amounting to USD 450 million with a ten-year repay period at 4% per annum. This loan implies that Belarus failed to find other funding sources (privatisation, foreign trade) to service its public debt and to replenish its international reserves. This loan would refinance the USD 440 mln VTB bank loan, raised in December 2013 for six months. Belarus also anticipates new loans from Russia’s commercial banks.

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