French Development Agency to support Uzbekistan's budget expenditures

Business Materials 29 November 2018 09:33 (UTC +04:00)

Baku, Azerbaijan, Nov. 29

By Fikret Dolukhanov – Trend:

The French Development Agency (AFD) will provide Uzbekistan with 150 million euros to support budget expenditures, Uzbek media reported referring to the draft presidential decree developed by the Ministry of Finance .

According to the document, on Nov. 22, the board of directors of AFD approved a loan to Uzbekistan in the amount of 150 million euros for budget support. The loan was provided in the framework of the Economic Management Improvement Program project, developed with the assistance of the Asian Development Bank (ADB) with a maturity of 20 years, including a six-year grace period.

In July, Deputy Prime Minister, Minister of Finance Jamshid Kuchkarov said that the World Bank and ADB provided Uzbekistan with $800 million in budget support. He additionally said that the government intends to optimize the use of loans provided in order to prevent a budget deficit in the short term.


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