ADB to support economic stimulus plan in Kazakhstan amid COVID-19 pandemic

Business Materials 25 June 2020 17:18 (UTC +04:00)
ADB to support economic stimulus plan in Kazakhstan amid COVID-19 pandemic

BAKU, Azerbaijan, Jun. 25

By Nargiz Sadikhova - Trend:

The Asian Development Bank (ADB) has approved a $1-billion assistance package to help Kazakhstan’s government mitigate the health, social, and economic impacts of the coronavirus pandemic, Trend reports with reference to the ADB.

Strict social lockdown measures introduced in March significantly impacted Kazakhstan’s economy, ADB said.

“This has affected small and medium-sized enterprises (SMEs) in hospitality, education, and other service sectors, and in particular women who account for more than 65 percent of the workforce in these sectors. A drop in the price of oil and other commodities has halved the prices of 80 percent of Kazakhstan’s exports, exacerbating the impact,” the report said.

The report said that ADB’s financial assistance will support the comprehensive COVID-19 health policy response, social protection and employment protection measures, along with economic stimulus plan introduced by the government to mitigate the adverse impacts of the pandemic.

Given the size of needs for external support, ADB is working to secure cofinancing of its assistance package from the Asian Infrastructure Investment Bank for $750 million. ADB is also coordinating closely with the International Monetary Fund, the World Bank, the United Nations, and other development partners.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members - 49 from the region.


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