Thursday, March 19, 2009

Russia to continue support for Abkhazia, S. Ossetia

Russia is set to continue financial support for Abkhazia and South Ossetia in 2010-2011 in the framework of a three-year budget, Deputy Finance Minister Anton Siluanov stated today. He did not specify the exact amount of funds to be allotted in 2010-2011, however, noting simply that it would by no means be smaller than in 2009.

This year, RUB 2.36bn and RUB 2.8bn (approx. USD 67.74m and USD 80.37m) will be allotted to the budgets of Abkhazia and South Ossetia, respectively. Furthermore, Siluanov noted, Russia is pondering loans to the two republics to finance profit making projects.

As reported earlier, the Finance Ministries of the three states signed intergovernmental agreements today that stipulate for financial aid to be provided to Abkhazia and South Ossetia to speed up their social and economic development and balance their budgets.

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