Debt to Russia increasing: Lukashenka is granted 2 billion dollar credit
17- 21.10.2008, 15:50
Russia has taken a decision on granting 2 billion dollars credit to Belarus, Aleksei Kudrin, deputy prime minister and minister of finance of Russia, told to journalists.
“A decision on granting a loan of USD 2 billion to Belarus was reached last week,” he said.
According to him, 1 billion is to be transferred this year, another 1 billion – next year,” Interfax reports.
It should be reminded that in 2007, Belarus and Russia agreed on a stabilisation state credit of 1.5 billion dollars. This sum was transferred to a currency account (in USD) of the Ministry of Finance of Belarus in the National Bank of Belarus by the end of December 2007.
The proceeds of the loan of USD 1.5 billion were granted in a single tranche for 15 years at the interest rate of LIBOR + 0.75 per cent. The payments for the loan are postponed by five years, but interests are to be paid. The sides said Belarus might get another state loan of 2 billion dollars in 2008.
In 2009, gas is to be supplied to Belarus at the price, calculating on the enshrined in the contract formula.
According to an agreement of December 2006, Russia gas price will grow step by step. If gas cost 67 per cent of the market price in 2008, it must cost 80 per cent in 2009.
As Russian ambassador to Belarus Aleksandr Surikov said earlier, gas price for Belarus may reach USD 200–250 per 1,000 cubic meters.
