Russia took a billion-dollar loan from BRICS bank for the payments to doctors

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Russia took a billion-dollar loan from BRICS bank for the payments to doctors
29 March , 17:00EconomyPhoto: Bb3015 / wikimedia.org
Despite the significant size of the accumulated gold and foreign exchange reserves, Russia decided to use a loan from the BRICS New Development Bank (NDB).

Its board of directors approved the allocation of a billion dollars to Russia under the program of emergency assistance to member countries of the bank in the fight against the COVID-19 coronavirus pandemic.

According to the press service of the NDB, the funds provided "will be used to finance the activities envisaged by the plan of the Russian government to combat coronavirus infection, including payments made to medical workers." It is noted that doctors have already received this money, since we are talking about providing incentive payments already made to Russian medical workers - also middle and junior medical personnel who provide assistance to infected patients. The Ministry of Finance approved the receipt of such a loan, since the conditions for obtaining it were considered favorable.

The total amount of assistance to the NDB program according to the plan approved by the bank in April 2020 will amount to $ 10 billion. In addition to Russia, Brazil, India, China and South Africa will receive the corresponding loans, their amount will amount to $ 8 billion. At the same time, India, China and Brazil will even receive two loans, finanz.ru reports.

The NDB was established by the BRICS countries on the basis of an intergovernmental agreement signed at the VI Summit of the Group of Countries in the city of Fortaleza in July 2014. Its purpose was called the financing of infrastructure and sustainable development projects in both the BRICS countries and developing countries. The Bank previously received international credit ratings of "AA +" from the rating agencies S&P Global Ratings and Fitch Ratings, which effectively attract long-term funding in both local and international capital markets.

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