Kyrgyzstan plans to receive USD 80 mln from ADB for budget support

Kyrgyzstan plans to receive USD 80 mln from ADB for budget support

Kyrgyzstan plans to receive $80 million from the Asian Development Bank (ADB) to support the budget. The relevant decree on approval of the conclusion on the loan agreement between Kyrgyzstan and the ADB was signed by Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Zhaparov, Trend reports with reference to Kabar.

According to the conclusion of the Cabinet, the loan agreement between Kyrgyzstan and the ADB (Promoting Economic Diversification Program- Subprogram 2) and the Grant Agreement between Kyrgyzstan and the ADB (Promoting Economic Diversification Program-Subprogram 2) signed on Oct. 4, 2021 correspond to the norms of the Constitution and legislation of the Kyrgyz Republic and do not contradict to international treaties which came into force in accordance with the procedure established by law of Kyrgyzstan.

These agreements were previously approved by decisions of the Jogorku Kenesh Committees on Budget and Finance and on International Affairs, Security and Defense.

Under the second subprogram of the Promoting Economic Diversification Program (PEDP), ADB will provide a $69.3 million policy-based loan and a $10.7 million grant to help the economy transition from a heavy reliance on gold extraction and remittances to broad-based, sustainable, and inclusive growth.

The program supports the implementation of reforms that will enhance trade and investment competitiveness, promote the development of small and medium-sized enterprises (SMEs), improve infrastructure development through public–private partnerships (PPP), develop industry-based skills, and improve fiscal management and social protection resilience.

In accordance with articles of the Law "On international treaties of the Kyrgyz Republic", these agreements are submitted for ratification to the Jogorku Kenesh.

The ratification of the above-mentioned agreements will not lead to any negative financial, economic and other consequences, as well as additional funding from the state budget of the Kyrgyz Republic.

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