The government will offset the losses on the export loans issued by the Belarusian banks in 2017-2018, reads Resolution No. 981 of the Council of Ministers of Belarus of November 30. The document was published on the national legal portal on December 2.
The Council of Ministers made a decision to offset export loan losses from the funds envisaged for these purposes in the 2017-2018 national budget, provided export risks have been insured with the support from the state.
Thus, the government will offset the losses of Belagroprombank associated with the $3.5 million export loan issued to Brest Lamp Factory at the commercial interest reference rates (CIRRs) according to credit agreement No. 19 dated March 5, 2015. In line with the resolution, Belvnesheconombank will be compensated for the losses on the $1.4 million loan it issued to the Plant of and Household Appliances Horizont under credit agreement on September 28, 2015.
Belinvestbank will be compensated for the losses on two export credit facilities worth $2.3 million and $2.5 million extended to the Plant of Electronics and Household Appliances Horizont in 2014 and 2015 respectively.
The Finance Ministry has been instructed to conclude compensation agreements with the aforementioned banks.
The resolution comes into effect after its official publication. (BelTA/Business World Magazine)