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Cabinet approves loan agreement with Russia

The Council of Ministers, by its April 10 directive, approved an agreement with Russia whereby Minsk is to receive a Russian government loan.

The agreement was signed in Moscow on January 31, said the directive. The amount and terms of the loan were not specified.

The cabinet tasked the foreign ministry with notifying Russia of the completion of all internal state procedures needed for the agreement to take effect.

The loan in question is apparently a financial assistance package of up to $2 billion that Russian President Vladimir Putin promised to Alyaksandr Lukashenka at their talks in late December 2013.

Shortly after the talks Russia approved the issuance of a $450-million tranche to Belarus.

The loan carries an annual interest rate of four percent and is to be repaid within 10 years. Belarus will start repaying the loan on January 15, 2017. //BelaPAN