ASTANA, Kazakhstan, December 5. The Asian Development Bank (ADB) has approved a $350 million, policy-based loan to support Kazakhstan’s fiscal governance and financial sector reforms and strengthen the economy’s resilience to external shocks, Trend reports.
ADB’s Fiscal Governance and Financial Sector Reforms Program supports fiscal reforms to strengthen governance and accountability in public investment processes, ensuring debt sustainability. The program will also strengthen the financial governance framework of the National Fund of the Republic of Kazakhstan to promote transparency and fiduciary control.
The program supports policies that foster sustainable financial intermediation, especially for small and medium-sized enterprises.
The reforms will help to enhance the effectiveness of banking supervision and promote financing towards environmentally responsive investments, the bank said.
The ADB will also provide a $650,000 worth of technical assistance grant to support the implementation of the program’s key reform actions.
Kazakhstan was the first Central Asian country to join ADB. Since it became a member in 1994, ADB has approved more than $6.8 billion in government and private sector loans, as well as grants to finance technical assistance.
ADB is helping the country develop and upgrade its regional connectivity, support private sector enterprises, foster gender and social equality, and deliver knowledge products and services. Regional cooperation and integration initiatives under the Central Asia Regional Economic Cooperation (CAREC) Program are an integral part of ADB operations in Kazakhstan.
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.