EurAsEC to Set Up 10-Billion-Dollar Anti-Crisis Fund

The Eurasian Economic Community (EurAsEC) will create a 10-billion-U.S.-dollar fund to deal with the global financial crisis, Belarusian President Alexander Lukashenko said here on Wednesday.

Russia and Kazakhstan will contribute 7.5 billion and 1 billion dollars respectively to the anti-crisis fund, said Lukashenko, who chaired an extended session of the EurAsEC interstate council.

The money would be allocated to member states facing grave social and economic problems, he said, adding that relevant agreements will be drawn up within three months.

The fund "will be used only for support, not for commercial needs," Lukashenko said.

The EurAsEC, an economic bloc formed in May 2001, comprises Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan.