The Russian government has approved a draft agreement on allocating a state loan to Belarus in 2014 equivalent to $1.55 billion, according to a document published on the government’s legal information portal on Tuesday.
The document says the government has instructed Russia’s Finance and Foreign Ministries to sign the loan agreement without making any principal amendments to it.
The loan will be provided on condition that Belarus repays the principal and interest on Russia’s previous loans and loans extended by the Eurasian Economic Community’s Anti-Crisis Fund.
The loan will be used to repay and service Belarus’ public debt and replenish the country’s gold and forex reserves.
The loan should be repaid by 20 equal semiannual tranches (on 15 January and 15 July every year). The first payment is to be made on 15 January 2019.