Asrandiyev: Bulk of IMF funds will be spent on economic recovery and business support

Bishkek, July 22, 2020. /Kabar/. The actual amount of funds in the account of the National Bank received from international donors is $148 million.

At a briefing at the Government House, Kyrgyzstan’s Deputy Prime Minister Erkin Asrandiyev said that the main part of these funds is the second tranche of $121 million from International Monetary Fund (IMF), as well as the grant from the European Union.

"The bulk of these funds is planned to be spent on business support and economic recovery. This is due to the fact that most of these resources from the IMF are provided for a short period of 5 years and we will have to return this money 3 years after the grace period expires. Therefore, it is more expedient to direct these funds to preferential lending to business to repay foreign debt," Asrandiyev added.