ANNOUNCEMENT 06 Mar 2013In March 2013, the government of Belarus announced a change to private-sector financial support.
NUMBER OF INTERVENTIONS
With Decree 150 of March 6, 2013, the Council of Ministers of Belarus(through Belarusbank) partially compensates interest payments on working captial loans ofBrest Carpets JSC, one of the largest manufacturers of Jacquard woven carpets in Belarus. Specifically, the interest payments of the loans are to be partially 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 main export markets of the carpet manufacturer are Russia, Armenia and Kazakhstan. The state share in carpet enterprise's capital amounts to 99.89 per cent.
The decree enters into force on March 6, 2013, but has retrospective legal effect starting from 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.