IBRD, IDA to finance expenditures of Uzbekistan’s state budget

IBRD, IDA to finance expenditures of Uzbekistan’s state budget

BAKU, Azerbaijan, Jan. 5

By Klavdiya Romakayeva - Trend:

The borrowed funds allocated by International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) will be directed to finance the expenditures of the republican budget of Uzbekistan, Trend reports referring to Norma information and legal portal.

On December 30 last year, the Cabinet of Ministers adopted a resolution on measures to implement the project to support for the development policy of the transition to a transparent and broad market economy in Uzbekistan with the participation of the World Bank.

It was noted in the document that on December 16, 2020, within the framework of the project on supporting the development policy of the transition to a transparent and broad market economy in Uzbekistan, Uzbekistan and the World Bank (WB) signed a loan and financial agreement to support the country’s budget.

The signed agreement provides for attracting loans from the IBRD in the amount of $250 million for a period of 10,5 years, including a 5-year grace period, as well as loans from IDA for a period of 30 years, including a 5-year grace period, in particular in the amount of $165 million (soft loan) and $85 million (non-soft loan).

The decree approved the forecast tables for the repayment of loans allocated by the IBRD and IDA as part of the implementation of the above project, as well as the payment of interest and commission payments on them.

In addition, the document establishes that the Ministry of Finance of Uzbekistan is the responsible executive body for coordinating and monitoring the implementation of the project, for the targeted and effective use of loans allocated by the IBRD and IDA.

Also, the costs associated with the return of loans allocated by the IBRD and IDA, interest on them, payment for their service and commission payments, are carried out at the expense of the republican budget of Uzbekistan.

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Follow the author on Twitter: @romakayeva

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