16 Sep 2020 21:03

Russia to provide Belarus $1 bln intergovernmental loan in 2020-2021, other $500 mln to go to EFSD

MOSCOW. Sept 16 (Interfax) - Russia will provide Belarus with an intergovernmental loan for a total of $1 billion in two tranches in 2020 and 2021, and will provide the other $500 million of the $1.5 billion agreed upon earlier to the Eurasian Fund for Stabilization and Development (EFSD), Russian Finance Minister Anton Siluanov told reporters.

"The logic is such that we want to provide $1 billion this year, of which $500 million through the EFSD and $500 million via the intergovernmental loan, and next year - $500 million through the intergovernmental loan. The terms are now being worked through with the Belarusian Finance Ministry," Siluanov said.

Speaking about the EFSD loan, he said: "We will approach the colleagues so that this institution makes a decision on the minimum program of support for Belarus. Earlier, there were two programs for $2 billion; now, an offer to quickly provide a loan of $500 million."

Provision of the intergovernmental loan will require amendments to the Tax Code concerning inclusion of Belarus among the countries to which the Russian Federation can provide such loans. "Such amendments to the Budget Code have been prepared. As soon as they're adopted, we'll start work on providing the intergovernmental loan," Siluanov said.

It is planned for the EFSD loan to be provided in dollars and the intergovernmental loan in rubles.