You're reading: Belarus gets $1.55 billion state loan from Russia

MINSK - Russia's $1.55 billion state loan has arrived in Belarus and been transferred to the account of the country's Finance Ministry, the Finance Ministry told Interfax on Sept. 30.

 “The Russian Federation state financial loan in the amount equivalent to $1.55 billion arrived to the account of the Finance Ministry on September 29 in accordance with the agreement between the Belarusian and Russian governments over provision of a state financial loan to the Belarusian government, signed on Sept. 24, 2014,” the Finance Ministry said.

It was reported that Russian Prime Minister Dmitry Medvedev had signed a decree approving a draft agreement between the Russian and Belarusian governments to grant a $1.55 billion state loan to Minsk. The decree was posted on the pravo.gov.ru website. Under the agreement, which was to be signed by Russia and Belarus, the loan is provided for repaying and servicing the Belarusian sovereign debt and for filling the country’s gold reserves.

The two countries signed the agreement last week.

The first repayment is due on Jan. 15, 2019, the loan will be repaid in equal installments every six months, on Jan. 15 and July 15. The agreed interest rate is equal to the arithmetical mean yield on all Russian federal bonds floated on the Moscow Exchange.