BELARUS NEWS AND ANALYSIS

DATE:

15/06/2009

Belarus to install $1mln to EurAsEC anti-crisis fund

MINSK, June 15 (Itar-Tass) - 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.

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.

Source:

http://www.itar-tass.com/eng/level2.html?NewsID=14049998&PageNum=0

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