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Russian government approves $1.5 billion loan to Belarus

September 16, 2014, 16:53 UTC+3
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MOSCOW, September 16. /ITAR-TASS/. The Russian government has approved a draft agreement on allocating a state loan to Belarus in 2014 equivalent to $1.55 billion, according to a document published on the government’s legal information portal on Tuesday.

The document says the government has instructed Russia’s Finance and Foreign Ministries to sign the loan agreement without making any principal amendments to it.

Russia will disburse the loan in Russian rubles at the exchange rate of Russia’s Central Bank effective as of the date of signing the loan agreement.

The loan will allow Belarus to repay and service its state debt and replenish its gold and foreign exchange reserves.

The loan will be provided on condition that Belarus repays the principal and interest on Russia’s previous loans and loans extended by the Eurasian Economic Community’s Anti-Crisis Fund.

The loan funds will be remitted to the Belarusian Finance Ministry no later than 15 days after the loan agreement comes into force.

The loan will be repaid in 20 equal six-month installments on January 15 and July 15 each year. The first payment is scheduled for January 15, 2019.

The loan interest rate is pegged to yields on Russian federal loan bonds traded on the MICEX-RTS stock exchange.

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