YALTA, August 14 (RIA Novosti) - Russia is planning to contribute $30 billion to the BRICS reserve funding pool called Contingent Reserve Arrangement (CRA), Russian President Vladimir Putin said Thursday.
“Russia plans to send $30 billion there,” Putin said at a meeting with Russian lawmakers, adding that the move is “to increase macroeconomic stability in our countries.”
The CRA was signed during the sixth summit of the world’s five largest emerging world economies in July. The arrangement is intended to provide a buffer in conditions of capital volatility, overcoming the lack of short-term liquidity and rapidly offsetting fiscal deficits triggered by economic turbulence.
The BRICS emergency reserve pool will total $100 billion. Russia previously announced its contribution would be $18 billion.
