Russia to Restructure Loans to Belarus

By Reuters

March 26, 2015

President Vladimir Putin with Belarus's President Alexander Lukashenko Sergei Karpukhin / Reuters

Russia said on Thursday it would restructure some of its loans to Belarus, whose economy has been hurt by a weaker Russian ruble.

"We agreed to help them at this difficult time, regarding prolonging existing credit obligations," said Prime Minister Dmitry Medvedev at a televised government meeting.

The former Soviet republic has a record $4 billion in debt payments this year, mostly to Russia and the International Monetary Fund.

Belarus has also asked the International Monetary Fund for a financial package, in addition to a $3.5 billion standby loan Belarus received from the IMF in 2009-2010 in the aftermath of the global financial crisis.

Belarus has deep economic ties to Moscow, and the country is facing a 2-percent economic contraction this year as it wrestles with Russia's downturn and currency devaluation, according to the IMF.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue