Belarus to install $1mln to EurAsEC anti-crisis fund
18:24, 15 June 2009
MINSK. June 15. KAZINFORM Belarussian President Alexander Lukashenko has instructed the Finance Ministry to take $1 million from the republic?s Reserve Fund as an initial instalment to the anti-crisis fund of the Eurasian Economic Community, a source at the Belarussian ministry told the Prime-Tass business news agency on Monday; Kazinform refers to Itar-Tass.
These funds will be transferred to a separate account that the Finance Ministry opened at the National Bank.
Moreover, the Finance Ministry has to extend a $9 million bill to the Eurasian Development Bank that will be paid upon the request of the EurAsEC anti-crisis fund council with funds from the Reserve Fund at a face value without interest rates.
In June EurAsEC member-states ? Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan ? with participation of Armenia signed a treaty to set up the EurAsEC anti-crisis fund. Its charter capital is $10 billion. Russia?s share totals $7.5 billion.
The Eurasian Development Bank will manage the funds, which will be used to extend sovereign and stabilization loans to its member-states and to finance interstate investment projects; Kazinform cites Itar-Tass.
See www.itar-tass.com for full version.