AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
With Decree 529 of June 25, 2013, the Council of Ministers of Belarus agreed to use state funds for the compensation of Belarusbank for an export credit line it had granted to "Minsk Automobile Plant" (MAZ). The volume of this credit line was USD 89.3 million.
The compensation ensures beneficial financing rates for MAZ based on the Commercial Interest Reference Rate (CIRR). The CIRR is the minimum interest rate which conforms to the OECD arrangement on guidelines for officially supported export credits. The main products manufactured by MAZ are: truck tractors, high-sided trucks, medium-capacity automobiles, dump trucks, log trucks, short log trucks, automobiles fit for transport of goods, buses and trolleybuses.
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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