Russia approves $1 billion loan for Belarus
The Russian government has approved a draft agreement to provide Belarus with a $1 billion loan in 2020-2021.
“To approve the draft agreement between the Russian government and the government of The Republic of Belarus, agreed with the Russian Foreign Ministry, the Russian Ministry of Economic Development and the state development corporation VEB.RF, on granting a state financial loan,” reads the document signed by Russian Prime Minister Mikhail Mishustin.
According to the document, Russia will provide Belarus with a loan in two tranches: the first was provided in 2020, the second – in 2021.
At the end of August, Alexander Lukashenko said that Minsk reached an agreement with Moscow on refinancing a $1 billion loan.
Russian Finance Minister Anton Siluanov explained that Russia will provide Belarus with 500 million in 2020 and 2021. In addition, Russia initiates the allocation of $500 million of foreign currency loan to Belarus through the Eurasian Fund for Stabilization and Development (EFSR). In October, the fund transferred funds to Minsk.