THE AMOUNT EURASEC ANTI-CRISIS FUND IS USD 10 BILLION

/PanARMENIAN.Net/
21.05.2009 18:46 GMT+04:00

On May 20 EurAsEC Financial and Economic Policy Council has adopted an
anti-crisis action plan and set up an anti-crisis fund, vice premier
and finance minister of Russia Alexei Kudrin told reporters following
the EurAsEC session. The EurAsEC anti-crisis fund USD will amount
USD 10 billion.

EurAsEC member states coordinated their aggregate contribution to
the EurAsEC anti-crisis.

Russia will contribute USD 7.5 billion, Kazakhstan will
allocate $1 billion, the rest USD 1.5 will be allocated by other
members. Kyrgyzstan, Tajikistan and Armenia are pledged to contribute
USD1 million each. Representative of Belarus couldn’t specify the
terms and the amount.

Taking into account that finance ministries of Armenia and Russia
signed on May 20 the agreement on providing Yerevan with USD 500
million credit, apparently Russia will have to save its neighbors
from the consequences of the world crisis. Yet, next year Russian
authorities intend to resort to the help of external holdings,
"Rossiyskaya Gazeta" writes.

The fund will start working in three month, as soon as the relevant
agreement is ratified. According to EurAsEC Secretary-General Tair
Mansurov, economic situation in member countries is as tense as in
the whole world. GDP reduced by 11 per cent over the first quarter,
the industrial production and investments in basic capital dropped
by 12 per cent. In that connection EurAsEC countries agreed to
establish high technology center, which will help to boost economies
of participating countries," Mr.Kudrin said.