AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
By the President Decree from 24 September 2009 # 466, the Belarusian government has initiated the procedure of payment from the Belarusian republican budget of interests on bank loans extended to Russian residents for acquisition of Belarusian exports and approved the list of products subject to preferences. The Council of Ministers signed relevant resolution #1274 as well.
The government believes the measure is essential to promote Belarusian products on the Russian market, since the Russian authorities banned preferential loans to domestic buyers wishing to acquire Belarusian exports. This measure also will increase amount foreign currency in Belarus. Some U.S. $13 million from the state budget will be spent to implement the measure. Those loans will be issued in 2009-2010 for up to five years.
The list includes OAO MAZ trucks, buses, trailers, cranes and trolleybuses, MTZ tractors, OAO Bobruiskagromash fodder machinery and fertilizer application machines, trailed units and flax harvesters, Gomselmash Polesye fodder harvesters and grain harvesters, and BelAZ trucks.
The Industry Ministry will submit to the Council of Ministers the draft resolution with detailed conditions of lending by the non-resident bank of non-resident legal entities, as well as compensation conditions.
The Belarusian government identified OAO BPS-Bank as the resident bank and OAO Sberbank as the non-resident bank.
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