OREANDA-NEWS. The Minister of Finance of Belarus Maxim Ermolovich signed an agreement on obtaining an urgent loan in the amount of 3.5 billion yuan (about $ 500 million) from the Shanghai branch of the China Development Bank.

The report of the Ministry of Finance of Belarus notes that the loan is not tied and the funds received can be directed by Minsk for any purpose, including repayment and servicing of public debt, maintaining the country's foreign exchange reserves or promoting the development of bilateral trade with China.

In February 2019, it was reported that Belarus asked Russia for a loan to restructure the $ 600 million debt, but as a result, Minsk and Moscow did not agree on this. In October, Yermolovich said that Minsk had abandoned plans to obtain a loan in Russia and was not negotiating on this subject. The minister explained that Belarus was provided with sources of financing this year and, in particular, intends to receive a loan from China in the amount of 3.5 billion yuan.

On December 14, the draft agreement on the provision by China of an urgent loan to Minsk in the amount of 3.5 billion yuan was approved by President of Belarus Alexander Lukashenko.