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Cooperation with OPEC Fund named valuable for Belarus
MINSK, 17 June (BelTA) – Providing the legal framework for cooperation with the OPEC Fund for International Development is valuable for Belarus. Belarusian Deputy Economy Minister Dmitry Yaroshevich made the statement as he delivered a report in the House of Representatives of the National Assembly on 17 June. The report covered the bill on ratifying the framework agreement between the Republic of Belarus and the OPEC Fund for International Development, the Economy Ministry press service told BelTA.
Dmitry Yaroshevich said: “In compliance with instructions of the head of state today we pay close attention to work with the Asian region, Africa, Middle East countries. The diversification of partnership relations and the provision of the foundation for cooperation with the OPEC Fund for International Development are valuable for Belarus.”
Speaking about advantages of cooperation with the fund, the official explained: “Our main strategy is to invest the resources we raise into the projects that provide a systemic economic, social, and ecological effect. The advantage of cooperation with international organizations is that they provide resources on rather comfortable terms. In 2020 during the COVID-19 pandemic the OPEC fund came forward with the initiative to provide assistance to our country with overcoming negative consequences of the pandemic. On 24 December 2020 a credit agreement to the tune of $20 million was signed with the OPEC fund. The money is allocated on rather comfortable terms – for a period of 18 years with the effective interest rate of 4% per annum. The loan will be spent on financing measures in the sphere of healthcare.”
According to Dmitry Yaroshevich, in order to launch full-scale cooperation between Belarus and the OPEC Fund for International Development it is necessary to secure the legal framework of its work.
The framework agreement was signed with the OPEC fund on 3 February 2021. It is necessary to pass the bill on ratifying the agreement for the agreement to come into force.
There are plans to continue the dialogue with the fund in 2021 to discuss the provision of additional funding for the healthcare system. Later on work will continue on raising credit resources for financing priority infrastructure projects.
Thus, the ratification of the framework agreement with the OPEC Fund for International Development will allow expanding international cooperation and bringing additional financial resources to Belarus.
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