New procedure for giving Government guarantees on credits granted by Belarusian banks approved

The new procedure for granting the Government guarantees on credits extended by Belarusian banks has been approved by the Edict of the President of the Republic of Belarus No. 359of June 30, 2008. The procedure determines terms and conditions for obtaining the Government guarantees and for the guarantors fulfilling of the obligations under a Government guarantee.

The new procedure will cover claims presented under Government guarantees after January 1, 2009.

Regulations on guarantee period of operation of sophisticated machines and equipment adopted by the Government

The Council of Ministers of the Republic of Belarus passed, by its Decision No. 952 of June 27, 2008, new Regulations on guarantee period of operation of sophisticated machines and equipment. The Regulations establish the order for presenting claims by purchasers of sophisticated machines and equipment to manufacturers or vendors of such equipment. It is established that the guarantee period of operation of sophisticated machines and equipment may not be less than 12 months from the moment of transfer of ownership to the purchaser, unless otherwise established in the technical documentation or in the contract.

The Decision enters into force in ten days after its official publication.