Profit of Eurasian Fund of stabilization and development shall be allocated as grants among the low-income countries

Almaty. February 5. Silkroadnews - The draft law “On ratification of the Protocol amending the agreement on the establishment of anti-crisis fund of the Eurasian Economic Community dated June 9, 2009, and the Protocol amending the agreement on the management of the anti-crisis funds of the Eurasian the Economic community dated of June 9, 2009” has been discussed at the extended session of the Committee on Finance and Budget of the Senate of the Republic of Kazakhstan.
“Editorial changes have been made on the basis of the agreement on the cessation of activities by the Eurasian Economic Community of October 10, 2014. The name of the anti-crisis fund of the Eurasian Economic Community got changed to “Eurasian Fund for stabilization and development”, the depositary functions are assigned to the Ministry of Foreign Affairs of Russia. The functional additions to the agreement on the management of anti-crisis funds imply the introduction of provisions allowing the Member States of the Eurasian EC with low incomes to use a net profit of Foundation by providing the non-repayable grants,” - said the Finance Vice-Minister of Kazakhstan Ruslan Beketayev presenting the bill.
He reminded to the reporters that Belarus, Kyrgyzstan and Armenia took the money from the fund to support their economic reforms.
“All the world communities practice using similar kind of funds, which in times of crisis provide the financial assistance to the countries. In this case, Kazakhstan has not yet considered the question of opportunity of financing out of this fund,” - he added.
“The Fund profit, among other issues, will be directed for grants to the low-income countries, all below 4125 dollars per capita and therefore only those countries will (receive funds - Silkroadnews) for social projects in medicine, public health. These are Armenia, Kyrgyzstan and Tajikistan,” – said the Deputy Minister.
R. Beketayev also informed that Kazakhstan has invested $1 billion into the fund, and at present it has $8.5 billion. At the same time the fund profit is about $94 million.
“This profit has not been allocated to the countries in terms of grant, it can be done only after ratification of the agreements in all the countries participating in the fund,” - he concluded.