RUSSIA'S GOVERNMENT TO SUPPORT INDUSTRIAL EXPORTS

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MOSCOW, August 5 (RIA Novosti) - Russia's government has endorsed the procedure for granting state guarantees in 2004 to support industrial exports. Prime minister Mikhail Fradkov has signed a resolution to this effect, reported the government's press-service Thursday.

The resolution reads in part that "in 2004, the Russian Federation's finance ministry is entitled to grant state guarantees of the Russian Federation in the amount not exceeding the sum equivalent to $10 million (on each guarantee) to a Russian exporter of industrial goods to cover the foreign importer's financial obligations in foreign currency, or to a Russian lending bank to cover the financial obligations (in foreign currency) of the non-resident borrower (or the government of the non-resident borrower's country) to repay the loan."

The finance ministry, the economic development and trade ministry and the industry and energy ministry are instructed to submit to the government the list of foreign countries industrial exports to which will be given state guarantee support, and to determine the maximum amount of state guarantees and the category of the country risk for each particular country.

In keeping with this resolution, the finance ministry is obliged, when drafting the federal budget for the respective year, to provide for funds to fulfil obligations on state guarantees of the Russian Federation granted in 2004 to support Russian exports of industrial products.

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