Belarus confirms talks on $400m loan with Iran

PanARMENIAN.Net - The Central Bank of Belarus confirmed on Wednesday, October 27, that it is in talks with Iran to receive a $400 million loan.

Deputy Chairman of the National Bank of Belarus Sergei Dubkov confirmed earlier reports that his country is in talks over a $400 million loan from Iran. However, he refused to announce a timeline for loaning, interest rate and other details of the negotiation process, Fars News Agency reported.

The same announcement was made by the head of Belarus National Bank, Nadezhda Ermakova, at the meeting of the seventh session of the Council of Belarus on October 3.

In efforts to plug holes in its balance of payments, Belarus has already raised an $800 million in credit from a Russia-led anti-crisis fund and has turned to the International Monetary Fund and Russia's Sberbank for further help.

Belarus is seeking a $1 billion loan from Sberbank secured with shares in refiner Naftan, Interfax said.

The country may get the second $440 million tranche of its Russia-led bailout loan by the end of October, BelTA reported, citing First Deputy Finance Minister Vladimir Amarin.

Belarus, which faces a high repayment schedule in 2012 and 2013 on old foreign debt, is hoping for up to $7 billion from the IMF under a new arrangement.