AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
With Decree 407 of May 22, 2013, the Council of Ministers of Belarus stipulated Belarusbank to be compensated from the 2013-2016 state budget for the export credit line at the amount of USD 15 million it provided to 'Gomeldrev' at beneficial interest rates, based on Commercial Interest Reference Rate (CIRR). The latter is the minimum interest rate, which may be applied under the OECD Arrangement on guidelines for officially supported export credits.
'Gomeldrev" is one of the largest and oldest furniture companies in Belarus. Its production program comprises the complete production cycle: from logging, sawing, drying, wood species to the finished product samples. Currently, the company manufactures more than 400 types of furniture, sets of houses frame-panel-type, more than 160 samples of wooden mouldings, plywood, household and household matches, block parquet and floorboard, sliced veneer, sawn timber, frames, transformation mechanisms for sofas, etc. Many, if not all of these products, can be traded internationally.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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