ANNOUNCEMENT 25 Mar 2013In March 2013, the government of Belarus announced a change to private-sector financial support.
NUMBER OF INTERVENTIONS
With Decree 213 of March 25, 2013, the Council of Ministers of Belarus partially compensates (through Belarusbank and Belinvestbank) three cement producers ("Belarusian Cement Plant", "Krichevtsementnoshifer" and "Krasnoselskstroimaterialy") for interest payments on their investment loans. Specifically, 50 per cent of the interest payments will be reimbursed. For domestic currency dominated loans the reimbursement is based on the refinancing rate of the National Bank of Belarus on the due date of the respective interest payments. For foreign currency denominated loans the reimbursement is calculated on the basis of the official exchange rate of the National Bank of Belarus on the due date of the respective interest payment.
The decree enters into force on March 25, 2013 and affects loans emitted after January 1, 2013.
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.