The EFSD Project Unit visits the Kyrgyz Republic with a mission
Moscow, 22 November 2019. The Project Unit of the Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank (EDB) visited the Kyrgyz Republic with a mission from 19 to 22 November 2019.
The mission arranged consultations on the macroeconomic policy and discussed reforms with key ministries and authorities, as well as international financial institutions. Despite the continuing economic growth, the Kyrgyz Republic remains vulnerable to external and internal shocks in the medium term. At the same time, it needs structural and institutional reforms to achieve sustainable growth and reduce poverty. With this in mind, it was agreed that the EFSD would continue an active dialogue with the Government and National Bank of the Kyrgyz Republic on the most important structural and institutional reforms to provide financing should the country need fiscal support.
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.
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