Support The Moscow Times!

China Extends $7 Billion Credit to Belarussian Firms and Banks

China has extended $3 billion credit to Belarussian companies and $4 billion in commercial credit to Belarussian banks for financing business projects, Economy Minister Vladimir Zinovsky said on Monday.

The credits, which appeared to include $1 billion of loans to two banks announced on Sunday, were part of a raft of deals resulting from President Xi Jinping's visit to Minsk, Moscow and Almaty.

At the same time, the Belarussian central bank announced a three-year currency swap agreement which will put 7 billion yuan (about $1.1 billion) into its reserves and help with foreign debt repayments of $4 billion due this year.

The former Soviet republic's economy has been badly hurt by currency volatility in Russia arising from the Ukraine crisis and a plunge in the price of oil.

… 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

Read more