EurAsEC Conference in Moscow Sets out to Create Anti-Crisis Fund

RUSSIA-EURASIA-ECONOMY
MOSCOW (Combined Sources)–Countries from the Eurasian Economic Community (EurAsEC) and Armenia on Tuesday approved a plan of joint measures, including the creation of a fund to combat the ongoing global financial crisis.

The charter capital of the anti-crisis fund, which will be launched later this year, will be $10 billion, Russian Prime Minister Vladimir Putin said. Russia will also inject $7.5 billion into the fund.

“It is necessary to continue building up an active concerted effort to effectively counter the global economic crisis,” Putin said, addressing the EurAsEC meeting. “I am pleased to note that this approach is common for all partners in the Community. It has allowed us to undertake a number of urgent anti-crisis measures in a short span of time.”

Deputy Prime Minister and Finance Minister Alexei Kudrin has been appointed chairman of the fund, the Interfax news agency reported.

“As soon as all the countries ratify this decree, the fund will begin its work,” Kudrin was quoted by RIA Novosti as saying. He said this process will probably take about two months.

EurAsEC member countries will receive the capital as sovereign loans and stabilization loans, said Putin.”In addition funds will be raised to finance intergovernmental investment projects,” he added.

The EurAsEC, founded in May 2001, comprises Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan. Uzbekistan withdrew from the bloc last November. Armenia has observer status in the regional organization.

Armenian Prime Minister Tigran Sargsyan led a delegation to Moscow to take part in the conference. Accompanying him were the ministers of finance and natural resources, as well as the deputy foreign minister, the head of government administration, and the deputy minister of natural resources.

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