Russia To Give Belarus $600Mln Loan To Refinance Debt To Moscow - Finance Minister

MOSCOW (UrduPoint News / Sputnik - 02nd April, 2019) Belarus will receive a $600 million loan from Russia and will be able to receive another $200 million loan tranche from the Russia-led Eurasian Fund for Stabilization and Development (EFSD) in late April, Russian First Deputy Prime Minister and Finance Minister Anton Siluanov said on Monday.

"Russia will give Belarus a governmental financial loan in the amount of $600 million. The funds will be used to refinance the existing debt that Belarus has to Russia from previous loans," Siluanov said.

The finance minister said that the loan documents were currently in preparation.

"In addition, Belarus has met all of the requirements set out by the Eurasian Fund for Stabilization and Development to receive a seventh loan tranche in the amount of $200 million, which means that the fund's committee has reason to grant the loan request," Siluanov said.

Siluanov added that Belarus could receive the seventh loan tranche to balance its budget by the end of this month.

Belarus last received a loan from Russia in November 2018 for the about of $630 million and also used it to refinance its standing debt.

Russia is a major trade and economic partner for Belarus, with a nearly 50-percent share in the country's trade. In January-October 2018, trade between the two countries amounted to 28.2 billion rubles ($412 million). According to reports, in May 2018, Belarus' debt to Russia was $6.3 billion.