$2bn Russian loan for modernization in Belarus if available

If the Russian loan to the tune of $2 billion is granted, Belarus will spend it on modernization. The information was released by Chairwoman of the Board of the National Bank of the Republic of Belarus (NBRB) Ms Nadezhda Yermakova.
“If the loan is granted, it will be used via banks to credit the economy,” said the NBRB head.
For now there is no need to transfer the loan to replenish the gold and foreign exchange reserves, she added.
Earlier the Russian and Belarusian sides stated that the possibility of granting a $2 billion loan to Belarus was under consideration. Vice Premier of Belarus Mr Piotr Prokopovich confirmed that Russia was not opposed to the idea of giving a $2 billion loan to Belarus. Negotiations continue. The cash outflow to pay Belarus’ foreign public debt will peak in 2013 and the country plans to refinance a considerable part of the forthcoming payments using various sources.