On November 18, the first $1bn tranche of the Russian stabilisation loan was transferred to the account of the Finance Ministry in the National Bank of Belarus, BelTA learnt in the information department of the National Bank of Belarus.
The money was transferred in line with the agreement concluded between Belarus and Russia and inked by Vice-Premier, Finance Minister of Russia Alexei Kudrin and Finance Minister of Belarus Andrei Kharkovets. In accordance with the agreement, the Russian Federation will extend a $2 billion stabilisation loan to Belarus in 2008-2009.
A reminder, Russia’s state loan will be extended to Belarus for 15 years at LIBOR+3% with a five-year deferment on the principal debt. The funds will be transferred in two tranches. $1 billion will be given this year, another $1 billion in 2009.
In 2007, Russia gave a $1.5 billion stabilisation loan to Belarus for 15 years under the rate LIBOR +0.75% with a five-year delay on the principal debt.
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