Republic of Armenia started implementing recommendations of EEC on reducing deficit of consolidated budget of public administration sector

ArmInfo. On March 15, an  agreement was signed in Moscow on the creation of a joint  Russian-Armenian investment Fund. The agreement was one of the  results of the implementation of the recommendations adopted by the  College of the Eurasian Economic Commission (EEC).

In December 2016, the Decision of the Board of the Eurasian Economic  Commission No. 31 of December 19, 2016 approved the Recommendation of  the Eurasian Economic Commission on measures aimed at reducing the  deficit of the consolidated budget of the government in the Republic  of Armenia.

One of the proposals of the Commission, which will allow reducing the  burden on the consolidated budget of the state management in the  medium term, is the creation of a development Fund for the  modernization and competitiveness of the economy of the Republic of  Armenia with the involvement of foreign countries, international  organizations and development banks.

As part of the implementation of this measure, in the course of  negotiations between Russian President Vladimir Putin and Armenian  President Serzh Sargsyan in Moscow on March 15, 2017, an agreement  was signed to create a joint Russian-Armenian investment Fund, the  participants of which are the Russian Direct Investment Fund and the  state company of Armenia UCO CJSC <SME Investments>.

The created investment fund will contribute to the further  development of the economy of the Republic of Armenia through the  implementation of projects in priority sectors such as agriculture,  industrial production, transport and logistics infrastructure and  high technologies. Financing of these projects will be implemented  without attracting budgetary funds, which will ensure in the medium  term a reduction in the deficit of the consolidated budget of the  state management sector of the Republic of Armenia.

The Fund's activities will assist the deepening of the trade and  economic and investment cooperation within the Eurasian Economic  Union.

The Eurasian Economic Commission, a permanent supranational  regulatory body of the Eurasian Economic Union, began its work on  February 2, 2012. The EEC includes representatives from Armenia,  Belarus, Kazakhstan, Kyrgyzstan and Russia. Decisions of the  Commission are binding for implementation in the countries of the  Union. Chairman of the Board of the Eurasian Economic Commission -  Tigran Sargsyan.  The treaty on the establishment of the Eurasian  Economic Union was signed on May 29, 2014, entered into force on  January 1, 2015. The Union ensures the freedom of movement of goods,  services, capital and labor, the conduct of a coordinated or unified  policy in various sectors of the economy. The purpose of the Union is  to provide conditions for the stable development of the economies of  the member states in the interests of raising the standard of living  of their people, comprehensive modernization, cooperation and  increasing the competitiveness of national economies. The Supreme  Eurasian Economic Council is the supreme body of the Union, which  includes the Presidents of Member States. The Eurasian  intergovernmental economic council is a body composed of the heads of  governments of member states.  The Council of the Eurasian Economic  Commission is a body composed of vice-premiers of the member states.  In accordance with the annual rotation in 2017, the organs of the  Union are chaired by Kyrgyzstan.

President of the Kyrgyz Republic Almazbek Atambaev is chairman of the  Supreme Eurasian Economic Council.