Updated at 16:11,02-12-2016

Parliament passes ratification bill for Eurasian Economic Communitys anti-crisis fund

The House of Representatives of the Belarusian National Assembly on October 27 passed the ratification bill for agreements on the establishment and management of the anti-crisis fund of the Eurasian Economic Community (EurAsEC).

The first deputy finance minister, Uladzimir Amaryn, presented the legislation to the lower chamber.
The EurAsEC member countries - Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan concluded an agreement on the establishment of the fund on June 9. Armenia also joined the accord.

The agreement on the management of the fund was signed by the member states and the Eurasian Development Bank on the same day.

The fund is to be used to distribute sovereign and stabilization loans to EurAsEC member countries and to finance interstate investment projects. Russia, Kazakhstan and Belarus are expected to contribute $7.5 billion, $1 billion and $10 million, respectively, to the $10-billion fund. Armenia, Kyrgystan and Tajikistan will contribute $1 million each, Mr. Amaryn said.

Ten percent of every contribution will come in euro or dollar cash and the rest in the form of bonds, according to the deputy minister.

This past month, Aleksei Kudrin, Russias deputy prime minister/finance minister, expressed concern that Belarus was "delaying" the ratification procedures, noting that ratification bill passed Russias legislature this past July.

"I know that other participants have already prepared documents needed for the ratification and discussed them at government meetings. Belarus is lagging behind in the process," Mr. Kudrin said.