DUSHANBE, October 24, 2008, Asia-Plus — The present world economic situation against a background of ongoing work financial crisis will be among major topics of the extraordinary session of the EAEC (Eurasian Economic Community) council for finance and economic policy that will be held in Dushanbe on December 11.
Such a decision was made at the 6th session of the council of that was held in Moscow on October 23, Russia news agency RIA Novosti said.
A December 11 meeting is expected to bring together finance and economy ministers and central bank heads from the EAEC member nations, RIA Novosti said.
The news agency quoted Russian Finance Minister Aleskey Kudrin as saying that the CIS finance ministers’ session had discussed issues related to coordinating reforms and working out measures to provide stable movement of commodities and manpower under the situation that emerged in the world economy.
“In this connection, a special attention was paid to activities of the Eurasian Development Bank (EDB)” the Russian minister was quoted as saying.
According to him, three new members joined the EDB – Belarus, Kyrgyzstan and Tajikistan. “The Eurasian Development Bank will be one of conductors of resources between the countries of the region,” Kudrin said.
He also noted that the CIS finance ministers’ session that was held last month discussed actions of the governments under conditions of the world financial crisis.
We will recall that speaking to reporters in Dushanbe on October 23, Tajik Finance Minister Safarali Najmuddinov noted during the CIS finance ministers’ session had been noted that “the world financial crisis had not affected Tajikistan, Kyrgyzstan, Uzbekistan and Turkmenistan, as well.” Najmuddinov said. He noted that one of reasons for the world financial crisis was increase in the number of securities and mortgage loans. Since our financial market and mortgage system are undeveloped, Tajikistan has no reason for concern, Najmuddinov said.
The initial concept of the Eurasian Economic Community was first proposed in October 2000, as a successor to the CIS Customs Union, when Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan signed a treaty on broad economic and trade cooperation. The organization was formally created with the ratification of that treaty in May 2001. The initial five-member group was further expanded in May 2002 when Moldova and Ukraine were granted observer status, and again in April 2003, when Ukraine and Armenia gained observer status. Uzbekistan joined the Community in 2006.
