(Unofficial translation)

 

Edict of the President of the Republic of Belarus

No 534 of August 25, 2006

[Amended as of August 17, 2016]

On Facilitating Development of Export of Goods (Works, Services)

 

With a view of creating a complex system of export stimulation in the Republic of Belarus I decree:

1. To approve the annexed:

Regulations on insurance of export risks with state support; (translation not provided)

Regulations on order of granting and using budgetary loans for payment of insurance compensations on contracts of export risk insurance with state support; (translation not provided)

Regulations on order of compensation of losses of the banks  non-bank credit and financial organizations of the Republic of Belarus, carrying out financing against monetary claim assignment (factoring) when realizing export contracts. (translation not provided)

2. To determine that the exclusive right to perform export risk insurance with state support belongs to the Republic of Belarus and is performed on its behalf by the Belarusian Republic Unitary Enterprise of Export-Import Insurance “Beleximguarant”.

3. To establish that:

3.1. the Open joint-stock company "Development Bank of the Republic of Belarus" (hereinafter – Development Bank) extend, in the order established by the Council of Ministers of the Republic of Belarus, export credits, including within the framework of credit lines (hereinafter – export credits) in foreign currency (with the exception of Russian rubles) at commercial interest reference rates (CIRRs) in accordance with provisions of the Arrangement on Officially Supported Export Credits, developed by the member states of the Organization on economic cooperation and development and effective on the day of the conclusion of credit contracts, in Russian and Byeorussina rubles, charging interest at commercial interest reference rates (CIRRs) and in the absence thereof – of not less than two thirds of the key rate established by the Central Bank of the Russian Federation and not less than two thirds of the refinancing rate established by the National Bank on the day of conclusion of credit contracts, accordingly, to:

3.1.1. leasing organizations being residents of the Republic of Belarus* for acquiring in the ownership of goods of residents of the Republic of Belarus included in the list approved by the Council of Ministers of the Republic of Belarus (hereinafter - goods included in the list) for transfer thereof into leasing or realization to organizations not being residents of the Republic of Belarus, including foreign banks;

3.1.2. organizations not being residents of the Republic of Belarus, including foreign banks, to pay for goods included in the list, works, services, realized by the residents of the Republic of Belarus or for advance payment for goods included in the list, works, services, being produced and/or realized by residents of the Republic of Belarus.

Extending export credits to organizations not being residents of the Republic of Belarus to pay for goods realized by the residents of the Republic of Belarus or for advance payment for goods being produced and/or realized by the residents of the Republic of Belarus, not included in the list specified in sub-clause 3.1.1 of this clause may be carried out by the Development Bank on the basis of proposals of republican bodies of state administration and other state bodies and other state organizations subordinated to the Government of the Republic of Belarus, regional executive committees, Minsk City executive committee, agreed with the Ministry of Economy and the Ministry of Finance;

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* For the purposes of this Edict residents of the Republic of Belarus are understood to be legal persons registered in accordance with the legislation of the Republic.

3.11. banks and non-bank credit and finance organizations of the Republic of Belarus (factors) provide financing, in the order established by the legislation, to residents of the Republic of Belarus (creditors) against monetary claim assignment (factoring) when realizing export contracts* with a remuneration (in the form of  discount and/or other forms determined by the factoring contract) the amount of which is determined:

in foreign currency (with the exception of Russian rubles) as one three-hundredth part of the commercial interest reference rates (CIRRs) effective on the day of conclusion of the contract of financing against monetary claim assignment (hereinafter – factoring contract) for each day from the day of financing by the factor of the creditor till the day of payment provided by the export contract for realization of which the claim assignment (factoring) is being carried out for goods (works, services) supplied for export;

in Russian rubles as one three-hundredth part of two thirds of the key rate established by the Central Bank of the Russian Federation on the day of conclusion of the factoring contract for each day from the day of financing by the factor of the creditor till the day of payment provided by the export contract for realization of which the claim assignment (factoring) is being carried out for goods (works, services) supplied for export.

When carrying out financing of creditors against monetary claim assignment (factoring) in accordance with this sub-clause, charging the creditor with remuneration for rendering to the creditor other (additional) financial services connected with monetary claims being the subject matter of the assignment is not allowed.

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*For the purposes of this Edict the export contract is understood to be a contract between a resident of the Republic of Belarus and a non-resident of the Republic of Belarus for supply of goods (works, services) produced by the resident for export.

3.2. compensation to the Development Bank of losses from extending export credits in foreign currency or Belarusian rubles for purposes specified in subclause 3.1 of this clause, to banks and non-bank credit and finance organizations from carrying out financing against monetary claim assignment (factoring) when realizing export contract in accordance with sub-clause 3.11 of this clause is made subject to export risk insurance with state support;

3.3. [excluded]

3.4. [excluded]

3.5. obtaining of the special permit of the National Bank (its main directorates for regions) provided by Edict of the President of the Republic of Belarus No. 178 of March 27, 2008 “On Order of Performing and Control over Foreign Trade Operations” for prolongation of the time limit for completion of a foreign trade operation for the period of waiting and payment of insurance compensation under the contract on insurance of export risks with state support is not required;

3.6. compensation of losses from extending export credits to the Development Bank is performed in the order established by the Council of Ministers of the Republic of Belarus.

4. The Council of Ministers of the Republic of Belarus shall:

4.1. with a view of ensuring the fulfillment of insurance obligations by the Byelorussian Republic Unitary Enterprise of Export-Import Insurance “Beleximguarant”, envisage annually the allocation of means in the republican budget for granting budgetary loans for the payment, when necessary, of insurance compensations under contracts on export risk insurance with state support;

4.2. when preparing drafts of republican budgets for 2007 and subsequent years, envisage funds for compensation  of losses to the banks that extended export credits in the order established by the legislation, to the Development Bank extending export credits on the conditions specified in sub-clause 3.1 of clause 3 of this Edict, as well as to banks and non-bank credit and finance organizations of the Republic of Belarus from carrying out financing against monetary claim assignment (factoring) on the conditions laid down in sub-clause 3.11 of clause 3 of this Edict;

4.3. take necessary measures for increasing the statutory fund of the Belarusian Republic Unitary Enterprise of Export-Import Insurance “Beleximguarant” to 80 billions rubles by he end of 2007;

4.4. within a three-month period, ensure bringing of acts of legislation in compliance with this Edict and take other measures aimed at its implementation.

5. To impose the control over the implementation of this Edict on the Committee of State Control.

6. This Edict enters into force from January 1, 2007, with exception of clause 4 and this clause, which enter into force from the day of the official publication of the Edict.

 

President of the Republic of Belarus

A. Lukashenko