(Unofficial translation)

Edict of the President of the Republic of Belarus

No 534 of August 25, 2006
[Amended as of December 19, 2019]

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) shall extend, in the order established by the Council of Ministers of the Republic of Belarus, export credits, including within the framework of lines of credit (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 Byelorussian rubles – 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.

Export credits are provided by the Development Bank:

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

to organizations not being residents of the Republic of Belarus, with the exception of foreign banks for:

payment (including advance payment) for goods included in the list and other goods, works, services, realized (being realized) by residents of the Republic of Belarus;

payment of customs payments (taxes, dues, duties) in the country of importation of goods included in the list and other goods, being collected upon importation thereof, subject to payment for such goods at the expense of export credits;

payment for goods realized by organizations not being residents of the Republic of Belarus, included in the list and for other goods acquired by them from residents of the Republic of Belarus under export contracts*** on which export credits within the framework of this Edict have not been extended;

to foreign banks for financing:

payment (including advance payment) by organizations not being residents of the Republic of Belarus for goods included in the list and other goods, works, services, realized (being realized) by residents of the Republic of Belarus;

for payment by organizations not being residents of the Republic of Belarus in the country of importation of goods included in the list and other goods, of customs payments (taxes, dues, duties) being collected upon importation thereof, subject to payment for such goods at the expense of export credits;

for payment by organizations not being residents of the Republic of Belarus for goods realized by organizations not being residents of the Republic of Belarus, included in the list and for other goods acquired by them from residents of the Republic of Belarus under export contracts on which export credits within the framework of this Edict have not been extended;

to leasing organizations being residents of the Republic of Belarus, to organizations not being residents of the Republic of Belarus, to foreign banks for return to the Development Bank of insurance fees on contracts of export risk insurance with state support, being concluded upon extending export credits by the Development Banks in accordance with this sub-clause.

The amount of export credits being extended in accordance with:

indents two, four, six, eight and ten of part of this sub-clause may not exceed the value of the export contract for short-term export credits**** and 84 percent of the value of the export contract (contract value of the contract of international leasing*****) for long-term export credits****;

indents five and nine of part two of this sub-clause may not exceed 30 percent of the value of an export contract;

______________________________

* 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.

**For the purposes of this Edict, other goods are understood goods according to proposals of republican bodies of state administration and other state organizations subordinated to the Government of the Republic of Belarus, state bodies and other state organizations subordinated (accountable) to the President of the Republic of Belarus, regional executive committees, Minsk City Executive Committee, agreed with the Ministry of Economy and the Ministry of Finance.

***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 (being produced) in the Republic of Belarus for export.

**** In accordance with classification of credits established by the National Bank for the purposes of bookkeeping (financial), statistical and other accounting.

***** For the purposes of this Edict, international leasing contract is understood a financial lease contract  under which a resident of the Republic of Belarus commits himself to acquire from a resident of the Republic of Belarus into ownership of goods, indicated by a non-resident of the Republic of Belarus, manufactured (being manufactured) in the Republic of Belarus and to provide this non-resident of the Republic of Belarus with the said goods that constitute the subject matter of the financial lease contract, for a fee in temporary possession and use.

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 inclusively 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 inclusively 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.

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 and amounts 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