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Russian loan to honor Belarus' financial commitments

Belarus will use a $630 million loan from Russia to honor its financial obligations. But this may not happen in 2019, Belarus Finance Minister Maksim Yermolovich told the media on the margins of the session of the Council of Ministers of the Belarus-Russia Union State, BelTA has learned.

“The arrival of the loan is tied to the timing of payments. So there is no need to negotiate it or initiate the loan issue process. We simply do not need it. Now we are fulfilling our financial obligations ahead of schedule. Why do we need to attract the loan in advance?” Maksim Yermolovich noted.

“According to the budget law, Belarus will borrow $1.5 billion. Some borrowings will come under the existing arrangements. We have agreed on the $630 million loan with our colleagues at the working level,” he added.

As it was reported earlier, Russia will provide a loan to Minsk in 2019. Russian Finance Minister Anton Siluanov said that Russia will issue a $630 million loan to Belarus in order to help it repay its debt.