Iran Economy NewsBelarus in talks with Iran over $400 mln loan:...

Belarus in talks with Iran over $400 mln loan: central bank


AFP: Cash-strapped Belarus said on Monday it was negotiating a $400-million (300-million-euro) loan with Iran aimed at shoring up the economy during its worst crisis since post-Soviet independence.

MINSK, October 3, 2011 (AFP) – Cash-strapped Belarus said on Monday it was negotiating a $400-million (300-million-euro) loan with Iran aimed at shoring up the economy during its worst crisis since post-Soviet independence.

“Belarus and Iran are currently considering the issue of an Iranian loan in the amount of $400 million,” National Bank of Belarus head Nadezhda Yermakova told lawmakers.

“A decision in principle to issue this loan has already been reached by the Iranian side,” she said without providing further details.

Belarus is grappling with a severe economic downturn that has set off spiralling inflation, sparked a currency devaluation and forced the government to put price caps on key goods.

Yermakova said Belarus was also in talks with Russia’s top lender Sberbank over a loan of $1 billion that Belarus was to secure with shares of its prized Naftan oil refinery as collateral.

The Moscow-based bank declined to comment.

The worst economic crisis of strongman Alexander Lukashenko’s 17-year rule has forced him to agree to a $7.5-billion privatisation programme that will likely leave most of his most valued assets in Russia’s hands.

Minsk is also hoping to secure a $8-billion lifeline from the International Monetary Fund but the global body said it first needed to see a firm commitment to reforms.

This past summer Belarus secured a $3-billion loan from a grouping of ex-Soviet countries led by former sponsor Moscow.

Deputy Finance Minister Vladimir Amarin told reporters on Monday that Minsk was expecting to receive a new, $440 million installment by the end of the month.

The country’s economy is unravelling at the same time as Lukashenko faces ostracism from Western countries for his post-election crackdowns on opposition and rights activists.

Latest news

Iranian Regime Presidency Servers Taken Over By Dissidents, Exposing Regime Vulnerabilities

In a significant security breach, the official website of the Iranian regime’s presidency was taken over by Iranian dissidents...

Abolfazl Amir Ataei, 16, Dies After 8 Months In A Coma

Abolfazl Amir Ataei, a 16-year-old teenager in the Iranian capital of Tehran, died on Friday, May 26, after being...

Iran’s Regime’s New Hijab Bill Seeks to Silence Women

On May 21, Ebrahim Raisi’s government approved and sent a bill on "Chastity and Hijab" to Iran’s Parliament (Majlis)....

Iranian Opposition Condemns Release of Tehran’s Convicted Diplomat-Terrorist Assadollah Assadi

The recent prisoner exchange between Belgium and Iran, announced by the government of Oman, has sparked strong condemnation from...

World leaders call on Biden to adopt new Iran policy

In a joint letter, 109 former world leaders signed a letter calling for accountability in Iran and urging U.S....

The Unsettling Child Marriage Epidemic Sweeping Iran

The horrific scene of a man holding the severed head of his 17-year-old wife, Mona Heydari, in southwest Iran,...

Must read

Iran sentences 52 Sufis and their lawyers to jail, flogging

Iran Focus: Tehran, Iran, May 04 – Dozens of...

Sanctions effort may open door to press Iran Central Bank

New York Times: Buried in the sanctions resolution now...

You might also likeRELATED
Recommended to you