ANNOUNCEMENT 22 Aug 2013In August 2013, the government of Belarus announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
"" . 22 2013 . 739
With Decree 748 of August 26, 2013, the Council of Ministers of Belarus agreed to use state funds for the compensation in 2013-2017 of Belagroprombank for an export credit line it had granted to the export-orientated ''Lida Milk-Canning Plant''. The credit amount is USD 20 million.
The compensation ensures beneficial financing rates for ''Lida Milk-Canning Plant'' based on the Commercial Interest Reference Rate (CIRR). The CIRR is the minimum interest rate which conforms to the OECD arrangement on guidelines for officially supported export credits.
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.