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Ministry of Economy commented on Decree on the support for export of Belarusian products

The First Deputy Minister of Economy of the Republic of Belarus Yury Chebotar commented on Decree No. 39 of 4 February 2021 that provides for increasing the attractiveness and availability of the mechanism for supporting the export of Belarusian products.

“Today the government is working on actions to accompany and support exports. Recently, the head of state introduced amendments to Decree No. 534 — the main Decree to support our real economic sector and those enterprises that work for export. We were reviewing the needs of our enterprises, thinking of what needed to be changed and improved. And we are convinced that the decisions we have made are relevant and in demand,” Yury Chebotar said.

In particular, the right to issue export credits with state support will be granted to several banks. Previously, only the Development Bank had such powers. This will increase the possibilities of financing export transactions. Enterprises will also be given the opportunity to insure export risks not only in Eximgarant of Belarus, but also in other insurance companies. In addition, for small businesses, the limit level at which one can apply to export crediting has been lifted. “It used to be $200,000 but now this threshold requirement has been removed,” First Deputy Minister mentioned.

The possibility of resident lending has also appeared. “Before the changes were made, it was possible to provide loans to non-residents for the purchase of our products only. Now the resident can obtain a credit for the future products production. The bank will control appropriately these goods to be exported then. The bank will control that these goods are exported subsequently. This is so-called pre-export lending practice. We hope our business will need this,” Yury Chebotar said.

According to him, the Decree can be granted to all markets where there are opportunities for insurance and product promotion, there are no restrictions. “We will, of course, encourage business entities to export the goods to other countries, in particular to the countries of the European Union. This will allow us to move towards our goal - sales markets diversification,” First Deputy Minister stressed.

He added: “We will post more detailed information on our website, and we will also advise all regions to work with small businesses and bring this information directly to its representatives”.

Source: BelTA