Bishkek, March 27, 2020 / Kabar /. A loan from the International Monetary Fund (IMF) allocated to Kyrgyzstan will go to support the country's budget, Minister of Finance of the Kyrgyz Republic Baktygul Jeenbaeva told today at a briefing in the Government House.
The minister said the Executive Board of the International Monetary Fund approved the request of the Kyrgyz Republic under the Rapid Financing Instrument (RFI) equivalent to USD 80.6 million and USD 40.3 million under the Rapid Credit Facility (RCF). In total, this amount is about USD 120.9 million to meet the urgent balance of payment.
“This is the first IMF emergency loan to help with the outbreak of the COVID-19 pandemic. We were the first to get a loan, and we would like to thank the IMF team for this help, which responded very quickly to our request. It is worth paying attention to the fact that this loan is on favorable terms, and it will go to support the budget of our country. We all well understand that the outbreak of the pandemic weakened the macro- and microeconomic prospects of our country, showed a gap in the balance of payments. These gaps today are estimated at about $ 400 million,” she said.
Resources allocated by the IMF, Jeenbaeva said, will help to provide primarily budget support, increase our country's ability to fulfill obligations, and increase confidence in the development of the economy in the near future.
“I would like to note that this IMF loan will serve as a catalyst for the subsequent motivation and stimulation of other donor assistance from international financial institutions,” the minister said.
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