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Debts On Housing Cheap Loans To Be “Hang” On Local Executive Committees

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Debts On Housing Cheap Loans To Be “Hang” On Local Executive Committees

They want to solve the problem of loan debts at the expense of the already deficit-ridden local budgets.

According to interfax.by, the Belarusian government has approved, by Decree N747 of September 21, 2016, a regulation on the transfer of paying off concessional loans, granted to agricultural organizations for housing construction, to local executive and administrative authorities of basic territorial level.

“The document establishes the procedure for the transfer of responsibility to pay off the concessional loans, granted by the JSC “Belagroprombank” to agricultural organizations for the construction (reconstruction) or purchase of dwellings (apartments), reconstruction of residential facilities, to local executive and administrative authorities of basic territorial level,” – the government press service informed.

They clarified that it’s all about the companies which are included in the list of companies that are subject to prejudicial recovery, or in the list of organizations in respect of which it is necessary to carry out the insolvency proceeding (bankruptcy).

Before deciding on the transfer of the debt, the agricultural organizations in cooperation with the local executive and administrative bodies should determine the possibility of debt transfer in accordance with the sub-paragraph 1.4 of paragraph 1 of the Lukashenka’s Decree N405 of August 30, 2005, “On some measures needed to be taken for the construction of dwellings (apartments) in the countryside”. If it is impossible do this, the transfer of debt should be performed according to the procedure established by this provision.

Transfer of debt is performed with the consent of “Belagroprombank” and on the basis of the contract on debt transfer. Besides, according to the provision, an additional agreement to loan agreement is concluded between the JSC “Belagroprombank” and the local executive and administrative body. This additional agreement defines the parties basing on the concluded agreement on debt transfer, terms of use of subsidized loan for the local executive and administrative body, other conditions, including ways to enforce the obligations under the credit agreement.

Decree N 747 comes into force after its official publication.

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