ANNOUNCEMENT 23 May 2013
In May 2013, the government of Belarus announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
ПОСТАНОВЛЕНИЕ СОВЕТА МИНИСТРОВ РЕСПУБЛИКИ БЕЛАРУСЬ
23 мая 2013 г. № 416
О компенсации потерь открытому акционерному
обществу «Сберегательный банк «Беларусбанк»
от предоставления экспортного кредита,
Могилевский металлургический завод,
With Decree 416 of May 23, 2013, the Council of Ministers of Belarus stipulated Belarusbank to be compensated from the 2013-2016 state budget for the export loan (USD 40.5 million) it provided to Joint-Stock Company "Mogilev Metallurgical Works"at beneficial interest rates, based on Commercial Interest Reference Rate (CIRR). This is the minimum interest rates, which may be applied under the OECD arrangement on guidelines for officially supported export credits.
Joint-Stock Company "Mogilev Metallurgical Works" is the largest producer of steel tubes in Belarus. Among its main export markets are: Germany, Poland, Czech Republic, Bulgaria, Sweden, the Netherlands, Romania, Hungary, Finland, Slovakia.
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.