Russia to ratify BRICS Contingent Reserve Arrangement within weeks

Russia will be the first BRICS member country to ratify the Contingent Reserve Arrangement, Russian Foreign Ministry Ambassador at Large Vadim Lukov said.

Russia will be the first BRICS member country to ratify the Contingent Reserve Arrangement, Russian Foreign Ministry Ambassador at Large Vadim Lukov said.

"The Treaty for the Establishment of a BRICS Contingent Reserve Arrangement will be ratified within weeks," he told reporters on Friday.

"Most probably, Russia will be the first country to ratify this treaty," the diplomat added.

He reminded reporters that the total committed resources would stand at $100 billion.

"As to the size of individual commitments, South Africa will contribute $5 billion, contributions by Russia, Brazil and India will total $18 billion, and the rest will be contributed by China. The countries will be entitled to differing degrees of access to the committed resources if they urgently need liquidity to deal with balance of payments problems. China will have access to 50 percent of resources; Russia, India and Brazil to 100 percent, and South Africa to 150 percent," Lukov said.

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