The Armenian Parliamentary Commission on Financial-Credit and Budgetary Issues has approved the ratification of a protocol amending the treaty on the establishment of the Eurasian Stabilization and Development Fund (ESDF). The new amendments aim to grant the fund the status of an independent international financial organization.
According to Armenia's Deputy Minister of Finance, Eduard Hakobyan, the ESDF was established in 2009 by six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. Until now, the fund did not have the status of a legal entity, and its resources were managed under a separate agreement with the Eurasian Development Bank (EDB).
The deputy minister noted that while the EDB primarily focuses on financing private sector projects, the ESDF is designed to ensure regional financial stability. The reform is necessary to enable a more rapid response to the needs of the founding countries.
Of the fund’s total charter capital of $8.5 million, Armenia's share is $1 million. Despite Russia and Kazakhstan being the largest contributors, Armenia actively participates in many areas of the fund’s operations.
"Currently, the fund operates as an independent structure but is in the process of separating," Hakobyan stated, highlighting ongoing cooperation in various credit and grant programs.
The package of amendments was developed and presented to the council for review in 2023, signed on June 26, and is now undergoing ratification by the member countries.
