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Anti-crisis fund to promote trade between EurAsEC countries

Belarus believes that the main goal of the anti-crisis fund which is expected to be established by the EurAsEC countries, is to promote trade between the countries – members of the Eurasian Economic Community (EurAsEC), BelTa learnt from a representative of the Belarusian delegation which accompanies Belarusian President Alexander Lukashenko at the EurAsEC summit in Moscow.

“The Belarusian side considers that during the global financial crisis the redeployment of funds from the budget to form the anti-crisis fund might be a problem. As this problem is facing all EurAsEC countries economies it is necessary to elaborate a well-grounded approach to the goals and the size of the fund,” the expert said.

According to the Belarusian side, the problems concerning sovereign and stabilization loans should be settled on a bilateral level. The financing of interstate investment projects is one of the goals of the Eurasian Development Bank.

“The main goal of fund’s activity is to ensure the trade between the EurAsEC countries. The problems dealing with the mutual payments via the single centre – the Eurasian Development Bank – can be settled at the expense of fund’s resources. It will be more appropriate if the EurAsEC countries make deposits in national currencies,” the expert added.

The decision to set up a joint EurAsEC $10bn anti-crisis fund was secured in the protocol of the informal summit of the Presidents of , , , and on December 19-21, 2008. The fund is set to issue sovereign and stabilization loans to the participating states for overcoming negative consequences of the global financial and economic crisis, provide loans for foreign trade transactions between the EurAsEC member-states and finance interstate investment projects.


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