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Belarus 'to get Russian bail-out' worth $3bn Belarus 'to get Russian bail-out' worth $3bn
(about 17 hours later)
A Russian-backed $3bn (£1.8bn; 2.1bn euros) loan has been agreed for Belarus, the struggling ex-Soviet republic's prime minister has said.A Russian-backed $3bn (£1.8bn; 2.1bn euros) loan has been agreed for Belarus, the struggling ex-Soviet republic's prime minister has said.
There was no immediate confirmation from Russia, whose powerful prime minister, Vladimir Putin, has been visiting the capital Minsk. However, Russia's finance minister warned that the loan was tied to privatisation and would be ready no sooner than early June.
Analysts predict conditions for any bail-out will be stringent.Analysts predict conditions for any bail-out will be stringent.
It is believed that Russia is seeking the privatisation of key assets in the Soviet-style Belarusian economy. Russian Prime Minister, Vladimir Putin, has been visiting Belarus for talks with President Alexander Lukashenko.
A currency crisis is currently gripping Belarus, eroding rouble savings and causing a shortage of imported goods such as medicines.A currency crisis is currently gripping Belarus, eroding rouble savings and causing a shortage of imported goods such as medicines.
Russia is one of the country's few allies while its authoritarian political system under President Alexander Lukashenko has estranged it from the West. Russia is one of the country's few allies while its authoritarian political system under Mr Lukashenko has estranged it from the West.
Three-year termThree-year term
Prime Minister Mikhail Myasnikovich said conditions had been agreed to provide a crisis loan of $3bn-$3.5bn over three years at a below-market interest rate.Prime Minister Mikhail Myasnikovich said conditions had been agreed to provide a crisis loan of $3bn-$3.5bn over three years at a below-market interest rate.
It would be released, he said, through the Eurasian Economic Community, a six-nation group led by Russia.It would be released, he said, through the Eurasian Economic Community, a six-nation group led by Russia.
Mr Myasnikovich suggested the loan had been linked to reform of the Belarusian economy. Speaking after talks in the Belarusian capital Minsk, Russian Finance Minister Alexei Kudrin said: "We have a condition.
"In the next three years a certain privatisation should be carried out."
Moscow is said to have its eye on Belarusian assets, including oil refineries, the gas pipeline system, the main mobile phone provider and the potash production complex.Moscow is said to have its eye on Belarusian assets, including oil refineries, the gas pipeline system, the main mobile phone provider and the potash production complex.
Russia already subsidises the Belarusian economy in exchange for it smoothly delivering Russian oil to Europe.Russia already subsidises the Belarusian economy in exchange for it smoothly delivering Russian oil to Europe.