ANNOUNCEMENT 24 Mar 2011In March 2011, the government of Belarus announced a change to private-sector financial support.
NUMBER OF INTERVENTIONS
Council of Ministers Decree 359 of March 24, 2011
The Council of Ministers of the Republic of Belarus (according to Decree 359 of March 24, 2011) approved a Sugar Industry Development Programme ('Development Programme') for the period 2011-2015. The Belarusian State Food Concern 'Belgospischeprom' has been approved as a customer and a coordinator of the Development Programme. The Belarusian Ministry of Finance has been authorised to partially reimburse interest payments of investment credit facilities, taken by sugar sector companies in conjunction with the mentioned Development Programme. The interest payments of domestic currency denominated loans of sugar sector companies are to be reimbursed at 50% of the prevailing interest rate (defined as the refinancing rate of the National Bank of Belarus)on the due date of the respective interest payments. The interest payments of foreign currency denominated loans of sugar sector companies are also to be reimbursed at a rate of 50%.
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.