World Bank assigns Belarus loans to non-performing status

18 October 2022, 03:14 PM
Belarusian dictator Alexander Lukashenko (Photo:Pool via REUTERS)

Belarusian dictator Alexander Lukashenko (Photo:Pool via REUTERS)

The World Bank has placed all loans made by its International Bank for Reconstruction and Development division to Belarus into non-performing status, the World Bank said in a press release on Oct. 17.

"This action has been taken in accordance with the World Bank’s established procedure of placing all IBRD loans to, or guaranteed by, a country in non-performing status if payment on any loan is overdue by more than six months,” the Bank wrote.

It noted that Belarus' overdue payments amounted to $68.43 million, and its outstanding principal of $967 million amounted to 0.42% of IBRD’s total outstanding loans.

Video of day

On March 2, the World Bank cancelled all of its programs in Belarus. There has been no new lending approved to Belarus since May 2020.

In April, Belarusian dictator Alexander Lukashenko announced that Eurobond payments would be done in Belarusian rubles due to Western sanctions imposed after Russia’s full-scale invasion of Ukraine.

Follow us on Twitter, Facebook and Google News

Ukraine Today
Fresh daily newsletter covering the top headlines and developments in Ukraine
Daily at 9am EST
Show more news