ANNOUNCEMENT 27 Aug 2013In August 2013, the government of Belarus announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
With Decree Nr. 753 of August 27, 2013, the Council of Ministers of Belarus stipulated BPS Sberbank to be compensated from the 2013-2014 state budget for the export credit line at the amount of USD 10 million it provided to OJSC 'Bobruiskagromash' at beneficial interest rates, based on Commercial Interest Reference Rate (CIRR). The latter is the minimum interest rate, which may be applied under the OECD arrangement on guidelines for officially supported export credits. 'Bobruiskagromash' manufactures the following products: machines for liquid organic fertilizer application, machines for solid organic fertilizer application, machines for mineral fertilizer application, machines for forage harvesting and storage, machines for feed preparation and distribution, machinery for flax harvesting, trailers and semi-trailers, equipment for final grain processing and storage, equipment for post-harvest handling of potatoes, tillage equipment, weighing equipment. Many, if not all of these products, can be traded internationally.
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.