DUSHANBE, January 23, 2010, Asia-Plus – Finances ministers of member nations of the Eurasian Economic Community (EAEC) have endorsed the procedure of providing loans from the EAEC Anti-crisis Fund, the Interfax-West news agency reported referring to the Belarus Ministry of Finance.
The second meeting of the EAEC Anti-crisis Fund’s Board that took place in Moscow last Thursday considered a number of issues related to providing loans from the Anti-crisis Fund. The member nations now have an opportunity to lodge an official loan application to the Fund.
The loans will be provided to ensure balance of budget, improvement of parameters of balance of payments, enhancement of conditions for carrying out entrepreneurial activity, mutual trade and achievement of macroeconomic stability.
The EAEC finance ministers agreed that loans to middle-income countries would be provided for the period of 10 years with a five-year grace period.
The Fund’s Board comprises the ministers of finance of the member states, and the Fund’s resources are determined at 10 U.S. billion.
At present the member nations announced intention to give totaling 8.513 billion U.S. dollars to the Fund, including US$7.5 billion to be given by Russia and US$1 billion to be given by Kazakhstan. Belarus will give US$10 million, and Tajikistan, Armenia and Kyrgyzstan – US$1 million each.
