14 Jul 2009 14:41

Duma to ratify EurAsEC anti-crisis fund on Wednesday

MOSCOW. July 14 (Interfax) - The Russian State Duma is to consider a bill ratifying an agreement to set up an anti-crisis fund of the Eurasian Economic Community [EurAsEC] at its session on Wednesday, Duma Speaker Boris Gryzlov told journalists after a Duma Council session on Wednesday.

"We will offer to vote for the ratification," he said.

"[The fund] will not only consolidate the EurAsEC countries but will also help jointly overcome the effects of crisis," he said.

It was reported earlier that on July 13 President Dmitry Medvedev submitted before the State Duma a bill ratifying an agreement to set up the Anti-crisis Fund of the Eurasian Economic Community and an agreement on managing the Fund's assets.

The heads of government of the EurAsEC members and Armenia signed an agreement setting up the anti-crisis fund on June 9, 2009. In accordance with the EurAsEC members' resolution, Russia has the biggest share in the fund's capital, $7.5 billion of the total $10 billion. Another $1 billion is due to be contributed by Kazakhstan.

The funds will be transferred to the EurAsEC members in the form of sovereign and stabilization loans, and will also be used in international investment projects.

The EurAsEC consists of Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. Moldova, Ukraine and Armenia are observers.

kk rp