Bill ratifying BRICS $100-billion reserves fund reaches Russian parliament
MOSCOW, April 13 (RAPSI) - A bill ratifying an agreement on a fund, which pools together $100 billion in reserves from Brazil, Russia, India, China and South Africa, has been submitted to Russia's lower house of parliament, the State Duma, according to a statement on the government's website.
It was earlier reported that China will contribute $41 billion. Brazil, India and Russia will invest $18 billion each and South Africa $5 billion.
The fund, known as Contingent Reserve Arrangement, aims to help BRICS members with balance of payment difficulties.
It is expected that the fund would be maintained by a managing council, a permanent committee and a coordinator (the current presiding country).
The agreement on the fund was drafted by the BRICS countries’ central banks and ministers of finance following a meeting in Mexico on June 18, 2012.