YEREVAN (ArmRadio)–President Serzh Sarkisian convened a session of Armenia’s Security Council Wednesday to discuss Armenia’s contribution to the creation of a multi-billion dollar CSTO fund to fight the effects of the global financial crisis.
The presidents of Russia, Kazakhstan, Armenia, Kyrgyzstan and Tajikistan agreed last week at a meeting in Kazakhstan to set aside $10 billion to ‘overcome the effects of the global economic crisis.
According to the Presidential Press Service, the Security Council discussed the decisions reached during the non-official summit in Kazakhstan and how Armenia would be reaching the goals set during the meeting.
Regional economies, linked by trading and infrastructure networks inherited from their Soviet past, have been hit hard by the global credit crisis and have sought to join forces to ease the impact.
Russia and Kazakhstan are the richest of the five, with oil revenues contributing to much of their wealth, while the other three nations operate much smaller state budgets.
Ex-Soviet governmen’s have been worried that grim economic times may spill over into broader political instability and spark a wave of public discontent.