RF President signed a law on allocating budgetary means to EurAzEC

PanARMENIAN.Net - RF President Dmitry Medvedev has signed a law on allocating budgetary means to Eurasian Economic Community (EurAsEC).



The new law introducing amendments to 2009 Federal Budget and 2009 and 2011 action plan was posted on Kremlin's official Web site this Monday. The law was adopted by State Duma on July 3 and approved by Federation Council on July 7.



Russia's initial contribution will comprise USD 750 million. The total sum of anti-crisis fund comprises USD 10 billion, with Russia investing the major part - USD 7.5 billion.



Fund resources will be allocated to member states in the form of sovereign loans and stabilization credits. They will also be used for funding inter-state investment projects. EurAsEc member states are Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. Moldova, Ukraine and Armenia have observer status.



As reported earlier by RF Finance Deputy Minister Dmitry Pankin, EurAsEC anti-crisis fund was established on February 4, 2009 with the purpose of helping member states overcome global crisis impact and integrate their economies. Payments should be made within 6 month after signing the contract, with the initial sum comprising 10% of the given country's share, RIA Novosti reports.