Acting Executive Director of the EFSD Project Block and Director of the IMF Strategy, Policy and Review Department exchange letters of intent
Washington, 16 October 2019. Andrey Shirokov, Acting Executive Director of the Project Block at the Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank, and Director of the IMF Strategy, Policy and Review Department exchanged letters of intent to cooperate at the working level on a wide range of issues. Cooperation will include joint events, exchange of information, consultations on macroeconomic issues, the institutions’ operations in the member states, and building technical capacity. It will aim at providing more quality and efficient support to the EFSD member states within each of the institutions’ policies.
The letters of intent are expected to improve the quality and intensity of interaction.
The Eurasian Fund for Stabilization and Development is part of the Global Financial Safety Net (GFSN), which includes the International Monetary Fund, Regional Financial Arrangements (including the EFSD), international reserves, and bilateral currency swap agreements.
The institutionalisation of cooperation with the IMF is in line with the objective to strengthen the GFSN, set and reiterated by heads of state and governments, as well as G20 finance ministers and central bank governors.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
The EDB Media Centre:
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