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Belarus introduces additional export promotion measures

30.04.2019

Belarus President Aleksandr Lukashenko signed Decree No.161 to adopt additional export promotion measures on 29 April, BelTA learned from the press service of the Belarusian leader.

The document introduces amendments to Decree No.534 of 25 August 2006 “On the promotion of the export of goods (works, services)” and aims to increase the efficiency of the export promotion mechanism and boost Belarusian export.

Under the decree, the Development Bank of Belarus can provide several types of export credits.

These can be short-term export credits (up to 1 year) for non-residents and leasing organizations - residents of Belarus to cover 100% of the total value of an export contract (85% for now). Export credits can be issued to non-residents to pay for costs associated with the importation of domestic products into the country of the buyer - non-resident (to pay taxes, fees, and make other payments) and also to non-residents and leasing organizations - residents of Belarus to compensate for the bank insurance payments made as part the insurance of export risks with state support.

In light of the ongoing de-dollarization efforts, the decree provides for making payments under state-subsidized export insurance contracts with with Eximgarant of Belarus and for issuing budgetary loans for insurance payout under those contracts exclusively in the national currency regardless of the currency of the primary obligation.