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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. |
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. |
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 Mr Lukashenko has estranged it from the West. | |
Three-year term | Three-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. |
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. |
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