Kazakh president ratifies loan agreement with ADB on support amid COVID-19
BAKU, Azerbaijan, Dec. 22
By Nargiz Sadikhova - Trend:
Kazakhstan’s President Kassym Jomart Tokayev signed the Law 'On ratification of the loan agreement (Active measures to combat COVID-19 and Cost Support Program) between Kazakhstan and the Asian Development Bank (ADB)’, Trend reports referring to Kazakh media.
Earlier this month Finance Minister Yerulan Zhamaubayev said at the senate’s plenary meeting that the value of the loan agreement with the ADB signed in compliance with decrees No. 385 and 386 dated August 13, 2020 of Kazakhstan’s President made up over 908.5 million euro, and with the Asian Infrastructure Investment Bank - 661.8 million euro.
The loans will be used to finance the 2021 budget deficit of the country.
"The attracted loans will be serviced and repaid by the Ministry of Finance via the budget funds based on the financial terms of the agreements," the minister had said.
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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