30 January 2008
Belarus is interested in new Russian stabilization loan, Finance Minister Korbut says
Belarus is interested in obtaining a new stabilization loan from Russia, Finance Minister Mikalay Korbut told reporters in Minsk on January 30.
Nonetheless, he stressed that Belarus’ “financial position is stable now and will remain stable in the short term.”
The Belarusian government received Russia’s $1.5-billion stabilization loan at the end of 2007.
The loan was given in one tranche for 15 years at an interest rate of libor plus 0.75 percent and with five years’ deferment of repayment, according to the Belarusian finance ministry.
Minsk had asked Russia for a $1.5-billion stabilization loan since February 2007, citing the need to plug holes in the budget caused by a sharp rise in energy prices.
In 2008, Russia will consider giving Belarus a new loan amounting to up to $2 billion, Russian Finance Minister Aleksei Kudrin told reporters in late December.
“There is a directive from our presidents that the possibility of giving a new loan should be additionally considered and studied,” he said.
It is most likely that the new loan will differ from this $1.5-million one and it is unknown yet in which form it could be provided in case of a positive decision, he added. //BelaPAN
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