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EurAsEC Anti-Crisis Fund to be renamed Eurasian Fund of Stabilization and Development

The EurAsEC Anti-Crisis Fund will be renamed the Eurasian Fund of Stabilization and Development. This idea was supported 27 May by the upper chamber of the Belarus parliament.

This reshuffle is not just a name change but an important functional reform. After the entry into force of the amendments part of the fund's profits will be used to the provision of grants to finance programs in the social sector, education and health care in low-income countries.

Vladimir Amarin, Minister of Finance of the Republic of Belarus:
Together with the experts of the fund, we will assess the indicators and evaluate their performance. After that, a decision will be made on the allocation of the second tranche worth $300 million. We hope it will happen either in late June or early July 2016.

Also, the Council of the Republic has recently ratified the Free Trade Agreement between the Eurasian Economic Union and Vietnam. This document will be the first international treaty of the Eurasian Union on the establishment of a simplified trade regime with a third country.

Belarus will thus receive duty-free access to the Vietnamese market for export of a number of products. Since Vietnam is a member of the Association of South-East Asia, Belarus' exporters will come to market with a population of 0.5 billion people.

EurAsEC Anti-Crisis Fund to be renamed Eurasian Fund of Stabilization and Development