RF PRESIDENT SIGNED A LAW ON ALLOCATING BUDGETARY MEANS TO EURAZEC

/PanARMENIAN.Net/
20.07.2009 14:48 GMT+04:00

/PanARMENIAN.Net/ RF President Dmitry Medvedev has signed a law on
allocating budgetary means to Eurasian Economic Community (EurAsEC).

The new law introducing amendments to 2009 Federal Budget and 2009
and 2011 action plan was posted on Kremlin’s official Web site this
Monday. The law was adopted by State Duma on July 3 and approved by
Federation Council on July 7.

Russia’s initial contribution will comprise USD 750 million. The
total sum of anti-crisis fund comprises USD 10 billion, with Russia
investing the major part – USD 7.5 billion.

Fund resources will be allocated to member states in the form of
sovereign loans and stabilization credits. They will also be used
for funding inter-state investment projects. EurAsEc member states
are Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. Moldova,
Ukraine and Armenia have observer status.

As reported earlier by RF Finance Deputy Minister Dmitry Pankin,
EurAsEC anti-crisis fund was established on February 4, 2009 with the
purpose of helping member states overcome global crisis impact and
integrate their economies. Payments should be made within 6 month
after signing the contract, with the initial sum comprising 10%
of the given country’s share, RIA Novosti reports.