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Kyrgyzstan to receive $15 M from the IMF before the end of the year

Business Materials 5 November 2011 11:38 (UTC +04:00)
Kyrgyzstan will receive $15 million the IMF before the end of the year. The first Vice Prime Minister of the KRG Omurbek Babanov stated at yesterday’s conference on the implementation of joint with the IMF Economic and Financial Policies Memorandum for 2011-2014
Kyrgyzstan to receive $15 M from the IMF before the end of the year

Kyrgyzstan will receive $15 million the IMF before the end of the year. The first Vice Prime Minister of the KRG Omurbek Babanov stated at yesterday's conference on the implementation of joint with the IMF Economic and Financial Policies Memorandum for 2011-2014, 24.kg reported.

He recalled that this organization will allocate $30 million to the KRG. Half of amount has already been transferred. Under the IMF terms Kyrgyzstan needs to make some structural transformations.

As the Government representatives noted, almost all IMF terms have been fulfilled. So, according to the deputy chairman of the Kyrgyz National Bank board Abdybaly tegin Suerkul, the inflation rates for 10 months are 4 percent, while the annual rate will be 8-9 percent. "It is in the framework of agreements with the IMF. The same goes for net international reserves and gold reserves of the KRG. The bulk of foreign aid has not arrived, and the figures will be adjusted. The assessment of the Zalkar Bank was completed, an auction was appointed. The procedure for its sale preparation is going on," said the official.

According to the Minister of Finance of the KRG, the IMF is to consider the results of the first part of the program on October 7, then is to give the second part of funds within a week.

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