/ / News
06.02.2012

Draft decree on measures to promote export prepared in Belarus

MINSK, 6 February (BelTA) – A draft president’s decree on measures to promote export has been prepared, BelTA learnt from spokesperson for the Prime Minister of Belarus Olga Dolgaya.

“The draft decree “Concerning the amendments and additions to Decree No. 534 of the President of the Republic of Belarus as of 25 August 2006” has been submitted for consideration of the head of state. The document has been prepared as part of the plan of action of the Government for 2011-2015,” Olga Dolgaya informed. The document is aimed at promoting exports and provides for the improvement of the mechanism of preferential export credit and insurance of risk of defaulting on loans at Beleximgarant.

In particular, the document provides for the possibility of granting concessional export credits in Belarusian rubles. Today, such lending is only available in foreign currency and Russian rubles. The Beleximgarant insurance agency can be used as an alternative source of financing domestic exporters.

According to the draft decree, procedures for obtaining an export credit up to $500,000 will be simplified for small and medium-sized businesses. There are plans to expand the list of types of voluntary insurance of export risks with support from the state through the introduction of voluntary insurance of international factoring (a set of financial services that the Bank provides to a domestic exporter in exchange for assignment of receivables). A mechanism of export crediting and insurance will be improved taking into account the practice of application of the legislation regulating these matters.

The adoption of the draft decree will increase the domestic exports, foreign exchange earnings and, consequently, will help reduce the foreign trade deficit,” Olga Dolgaya stressed.