The EFSD Council extends the availability period of the financial credit for Tajikistan
Moscow, 2 April 2018. The Eurasian Fund for Stabilization and Development’s (EFSD) Council extended the availability period of the financial credit for Tajikistan from 1 March 2018 till 15 May 2018.
The EFSD Council decided that the Tajik government should adopt, before 1 May 2018, a number of legislative instruments that should fix the understandings achieved with the Eurasian Development Bank, as the EFSD Resources Manager, as to minimising the risk that multiple exchange rates would persist, and agree with the Resources Manager measures to settle an overdue debt to it from a legal entity, in which the Republic of Tajikistan is a shareholder. The Council will pass its decision whether to support the reform programme of the Tajik government and the National Bank of Tajikistan with a financial credit after the Resources Manager submits its evaluation of the Tajik government’s compliance these requirements.
Out of the total of US $40 million envisioned for the reform programme, the country has already disbursed one tranche of US $20 million. The reform programme aims to enhance the Tajik economy’s resilience to external shocks by improving the flexibility of the foreign exchange rate and implementing prudent monetary and fiscal policies, as well as through structural reforms in the country’s fiscal, banking and power sectors.
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) was formed on 9 June 2009 by the governments of the same six countries. Its charter capital is US $8.513 billion. The EFSD assists its member countries in overcoming the consequences of the global financial crisis, ensuring their economic and financial stability, and fostering integration in the region. The member states of the EFSD appointed the EDB as its Resources Manager and Secretariat.
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