World Bank recognizes loan portfolio in Belarus as non-performing

MINSK. Oct 18 (Interfax) - The World Bank has recognized as non-performing all loans previously issued to Belarus, according to the bank's press release.

The action was taken in accordance with the established procedure of the World Bank, according to which all loans provided to the country or guaranteed by it become non-performing if payment on any loan is overdue by more than six months, according to the press release.

According to the World Bank, Belarus's overdue payments totaled $68.43 million as on October 14, 2022. The principal amount of Minsk's outstanding loans is $967 million, or 0.42% of the World Bank's total outstanding loans.

Belarusian authorities in April announced that they would fulfill their obligations to the World Bank, the European Bank for Reconstruction and Development (EBRD), and the Nordic Investment Bank in the national currency.

The World Bank halted all its programs in Belarus on March 2, 2022. The bank has not approved any new loans for Belarus since May 2020.

Belarus has been a member of the World Bank since 1992.