ANNOUNCEMENT 05 Jun 2013In June 2013, the government of Belarus announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Decree 456 of June 5, 2013,
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Internet Website of 'Lakokraska',
With Decree 456 of June 5, 2013, the Council of Ministers of Belarus stipulated Belarusbank to be compensated from the 2013-2015 state budget for the credit line it extended to «Lakokraska» (with a maximum amount of EUR 22 million) at beneficial interest rates, based on Commercial Interest Reference Rate (CIRR). This is the minimum interest rate, which may be applied under the OECD arrangement on guidelines for officially supported export credits. The purpose of the loan is to finance the production and realisation of goods for export. Among others, «Lakokraska» produces enamels, paints and lacquers.
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.