DUSHANBE, April 6, 2009, Asia-Plus -- The CIS finance ministers gathered in Moscow on March 31 to discuss economic and social issues as well as measures to mitigate effects of the ongoing global financial crisis.

The source at the Ministry of Finance (MoF) told Asia-Plus Monday afternoon that Finance Minister Safarali Najmuddinov represented Tajikistan at the meeting.  The meeting participants also included finance ministers from Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Turkmenistan and Ukraine.            

The meeting, in particular, discussed proposals on expansion of regional cooperation within the CIS area as one of immediate tasks to address the financial crisis.  The ministers also considered issues related to expanding trade and economic cooperation between the CIS states, using national currencies in interstate accounting, as well as removing various administrative obstacles in the way of expansion of economic cooperation.

The meeting participants underlined the necessity of working out and implementing measures to ease mutual access of commodity producers to national markets of the CIS states, removing tax barriers and developing transit corridors, the source said.

The meeting also considered issues related to reasonable macroeconomic policy, reducing budget deficit, ensuring moderate inflation and controllable exchange rate of national currencies.

The ministers also discussed creation of a common financial center for formation of mechanisms of systematic and operational response of member nations of the Eurasian Economic Community (EAEC) to threats of financial instability in case of sharp fluctuations in financial and stock markets.  In this connection, they considered foundation of the EAEC anti-crisis fund.

The permanent council of the CIS finance ministers was established on October 10, 2008 to examine crisis situation and develop anti-crisis measures.   The first sitting of the council was held on October 21, 2008.  On an initiative of the CIS council of heads of states, proposals on mitigating effects of the global financial crisis were submitted to the intergovernmental monetary committee and the CIS economic council.