Partners
The EFSD Resources Manager carries out its activities in coordination with other international financial institutions, both in the area of economic policy recommendations, and with regards to specific investment projects. Such cooperation promotes the more efficient use of the Fund's resources.
We also participate in the activities of "donor clubs", which operate in three EFSD member countries — Kyrgyz Republic (Development Partners Coordination Council), Tajikistan (Development Coordination Council) and Armenia (informal network).
The Fund recently started building relationships with other Regional Financial Arrangements (RFAs), and plans to further develop this cooperation in the future.
EAG
The EAG's primary mandate is to enhance the resilience of member states' financial systems and economies against the threats of money laundering, terrorist financing, and proliferation financing. The Group operates in accordance with FATF international standards on anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF), as well as related provisions and measures adopted by other international organizations of which member states are participants. The EAG also works to ensure effective cooperation and coordination at the regional level.The EAG currently comprises nine member states: Belarus, China, India, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Turkmenistan, and Uzbekistan. Observer status has been granted to 17 countries and 28 international organizations.
Working Group of Heads of Procurement Departments of Multilateral Development banks
The Eurasian Fund for Stabilization and Development is a permanent member of the working group of heads of procurement departments of multilateral development banks (MDB Heads of Procurement, MDB HoP). Since 1998, MDB HoP members have been holding regular meetings to disseminate international best practices in the field of procurement, as well as to explore opportunities for cooperation and mutual capacity-building for the benefit of their clients. In this way, MDB HoP participants keep in touch with other international organizations and agencies, which, in turn, contributes to improving the quality of work of these institutions. MDB HoP consists of: the African Development Bank, the Council of Europe Development Bank, the Asian Development Bank, the World Bank, the European Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank, the European Investment Bank, the Black Sea Trade and Development Bank, the Inter-American Development Bank, the Caribbean Development Bank, the Islamic Development Bank, the Central American Bank for Economic Integration.
International Finance Corporation
EDB’s cooperation with the International Finance Corporation prioritizes work on joint investment projects. It also covers a wide range of corporate governance issues that are important for making EDB into an effective regional development bank.
During the Annual Meeting of the IMF and the World Bank Group in Tokyo
EDB in its capacity of EFSD Resources Manager also cooperates with the IFC in the framework of donor clubs for Armenia, Kyrgyz Republic and Tajikistan.
Fondo Latinoamericano de Reservas
The Latin American Reserve Fund (Fondo Latinoamericano de Reserves, FLAR, hereinafter LRF) was established in 1978 on the basis of the Andean Commonwealth and is a multilateral swap mechanism. The LRF manages part of the foreign exchange reserves of the participating countries in order to create a common safety net in order to avoid current account and capital crises, as well as to stimulate the introduction of conditional credit lines to limit the susceptibility of developing economies to financial crises in general.
The central banks of the participating countries play a key role in the management of the Fund.
As of 2011, it is the highest-rated issuer in Latin America.
Objectives of the LRF:
Maintaining the balance of payments of the participating countries by providing loans and/or loan guarantees;
Improving the conditions for international investment of reserves by the participating countries;
Promote the harmonization of exchange rates, monetary and financial policies of the participating countries.
Participating countries: Bolivia, Venezuela, Colombia, Costa Rica, Peru, Uruguay, Ecuador.
Amount of contingent liabilities: USD 2.344 billion (June 2012)
Assets under management: 3.892 billion USD (June 2012)
European stability mechanism
The European Stabilization Mechanism (ESM) is an international organization that provides financial support to euro area countries in case of financial difficulties. The ESM was founded on September 27, 2012 and is supposed to function as an element of the permanent insurance network of the euro area with a maximum borrowing capacity of 700 billion euro. euro. The ESM will replace two existing stock programs in the European Union at the moment: the European Financial Stability Facility (EFSF) and the European Stabilization Mechanism (EMC). The ESM can be considered as part of the European regional insurance network, along with the European Fiscal Agreement, the Banking Union and the European Central Bank (ECB), which also perform protective functions. For each member of the euro area that is experiencing difficulties with financial stability, all new transactions and applications for assistance are within the competence of the ESM, while the EFSF and the EMC will only continue to work and monitor previously approved loans for Ireland, Portugal and Greece.
The final text of the ESM treaty was agreed upon at a meeting of eurozone finance ministers on January 23, 2012. The provisions of the treaty require the participating States requesting support to participate in the fiscal agreement, and also establish a procedure for voting on ECM decisions by a majority, which excludes the possibility of blocking the work of the fund by small countries. The ESM provides assistance only to States that have signed a Memorandum of Understanding that outlines a program of necessary reforms or fiscal consolidation to restore financial stability.
Starting from March 1, 2013, a fully ratified European Fiscal Agreement will also be a condition for receiving ESM assistance. After receiving an application for ECM support, the so-called Troika (the European Commission, the ECB and the IMF) needs to analyze and evaluate the country in terms of financial stability in order to decide which of the 5 assistance programs can be offered.:
A stabilization loan under the macroeconomic adjustment program (sovereign loan).
- The program of bank recapitalization.
- Preventive financial assistance.
- Primary market assistance.
- Secondary market assistance.
Arab monetary fund
The Arab Monetary Fund (AWF) is a regional financial organization established on April 27, 1976 in Rabat, Morocco The League of Arab States as a mechanism to achieve greater stability of the exchange rate and to coordinate the economic and monetary policies of the Arab countries. The objectives of the AWF are to adjust and harmonize payments from the participating countries, combat payment restrictions between the Fund's members, improve monetary cooperation, promote the development of Arab financial markets (a prerequisite for a single Arab currency), and develop trade relations within the League. The regulation mainly concerns revenues from hydrocarbon exports within the Arab community, contributing to a lower degree of dependence of the fund's member States on the West.
The Fund has two categories of financial instruments. The first category is related to financing the state budget deficit of the Fund's member countries. The provision of such services also implies consultations and an agreement on making necessary economic changes within the framework of the macroeconomics of the Fund's member country. The second category of services involves reserving funds for sectoral reforms. Currently, loans belonging to this category are focused on supporting the efforts of the participating countries in reforming their financial and banking sectors, which will also be complemented over time by support for fiscal sector reforms.
Participating States: Algeria, Bahrain, Djibouti, Egypt, Jordan, Iraq, Yemen, Qatar, Comoros, Kuwait, Lebanon, Libya, Mauritania, Morocco, UAE, Oman, the State of Palestine, Saudi Arabia, Syria, Somalia, Sudan, Tunisia.
Capital: USD 2.7 billion (June 2012)
Donors Coordination in Armenia
Armenia hosts meetings of donor organizations on a regular basis. Coordination services are provided by the World Bank.
Donor Coordination Council of Tajikistan (DCCT)
DCCT was established to improve cooperation and exchange of information between donors, as well as to identify, in consultation with the Tajik Government, priority sectors for development. Currently, the Council comprises 27 organizations. EFSD, takes an active part in the Council meetings and in discussing issues of public finance and energy sector reforms, which are priority areas for EFSD in Tajikistan.
Partner's news
Development Partners Coordination Council of Kyrgyz Republic (DPCC)
The Development Partners Coordination Council (DPCC) has been established with the purpose of improving multi-way flow of relevant information among donors, government agencies and civil society institutions. This facilitates networking and broader collaboration within the donor community, a more constructive dialogue and shared vision with the Government of the Kyrgyz Republic on country’s priorities, and serves to strengthen overall aid coordination and management.
Today the Kyrgyz DPCC consists of 27 organizations. Coordination of donor activities covers implementation, financial accounting and audit evaluation of joint projects, review of project portfolios and harmonization of financial management and procurement procedures. The EFSDis presented in the structure of the Kyrgyz DPCC working groups on transport, energy, finance, investments and government finance.
Partner's news
The World Bank
The World Bank and EFSD started their cooperation in September 2009 by signing a Memorandum of Understanding. Since then, understanding has been reached on a number of collaboration mechanisms, e.g. cofinancing of projects in EFSD and World Bank member states, joint analytical work on sustainable economic development of these states, and the transfer to the ACF Resources Manager of World Bank’s accumulated experience in such corporate governance areas as procurement and financial management policies, environmental and social safeguards, risk management etc.
Access to - Europe and Central Asia Capacity Development (ECAPDEV) resources contributes to the improvement of the quality of preparation of investment projects.
EFSD also coordinates with the World Bank in the framework of donor clubs for Armenia, Kyrgyz Republic and Tajikistan.
Partner's news
https://www.worldbank.org/en/news
Eurasian economic commission
The Eurasian Economic Commission (EEC) is a permanent regulatory body of the Eurasian Economic Union. It started functioning on February 2, 2012.
The main purpose of the Eurasian Economic Commission is to ensure the conditions for the functioning and development of the EAEU, and to develop proposals for further development of integration.
Currently, five countries are represented in the EEC: the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation. The EEC has the status of a supranational governing body and in its activities is guided by the interests of the participating countries of the Eurasian economic integration project as a whole, without motivating its decisions by the interests of any of the national governments. The Commission's decisions are binding on the territory of the EAEU member states.
The decision to establish the EEC is based on the understanding that together the five countries will be able not only to reduce the negative effects of global instability, but also to actively position themselves in foreign markets. The Eurasian Economic Union is open to the participation of other States that share the goals of this association and are ready to assume the required obligations.
United Nations Industrial Development Оrganization
UNIDO is the specialized agency of the United Nations that promotes industrial development for poverty reduction, inclusive globalization and environmental sustainability.
The mission of the United Nations Industrial Development Organization (UNIDO), as described in the Lima Declaration adopted at the fifteenth session of the UNIDO General Conference in 2013, is to promote and accelerate inclusive and sustainable industrial development (ISID) in developing countries and economies in transition.
The relevance of ISID as an integrated approach to all three pillars of sustainable development is recognized by the recently adopted 2030 Agenda for Sustainable Development and the related Sustainable Development Goals (SDGs), which will frame United Nations and country efforts towards sustainable development in the next fifteen years. UNIDO’s mandate is fully recognized in SDG-9, which calls to “Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation”. The relevance of ISID, however, applies in greater or lesser extent to all SDGs.
International Monetary Fund
EFSDcoordinates its activities both with the International Monetary Fund (IMF) program missions and with the IMF representative offices in Armenia, Belarus, Kyrgyz Republic, and Tajikistan. Cooperation is conducted in the framework of the general economic situation monitoring, and in the course of preparation and implementation of EFSD’s credits. Regular consultations allow the EFSD and the IMF to compare their vision of macroeconomic trends and economic development forecasts, improve estimates of the economic policy impact pursued by debtor nations and technical definitions of different indicators of macroeconomic situation. If necessary, joint support measures for financial stabilization programs implemented by the governments of member countries are defined.
The parties cooperate in the following range of issues:
- annual consultation on future financing of budget gaps or public investment programs of borrowing countries;
- Joint technical visits for working on specific issues of anti-crisis programs supported by loans of the two institutions;
- preparation of joint research;
- consultations on the forecasting of the global economy and its impact on the economic situation in the EDB and ACF member countries;
- standardization of technical definition for quantitative indicators of anti-crisis programs supported by the IMF and the ACF.
EDB in its capacity of EFSD Resources Manager also cooperates with the IMF in the framework of donor clubs for Armenia, Kyrgyz Republic and Tajikistan.
Partner's news
https://www.imf.org/EN/NEWS
European Bank for Reconstruction and Development
EFSD, cooperates with EBRD as a partner in the donor clubs in Armenia, Kyrgyz Republic and Tajikistan.
Partner's news
https://www.ebrd.com/news.html
Asian Development Bank
Four of the EFSD member states (Republic of Armenia, Republic of Kazakhstan, Kyrgyz Republic and Republic of Tajikistan) are countries where the Asian Development Bank (ADB) conducts its operations as well. The two regional development banks have promising prospects for cooperating both on public sector projects (large-scale infrastructure facilities), and on private sector development.
Joint projects of the EDB and ADB:
Construction of the North-South Road Corridor in Armenia
The Bishkek-Osh Road Rehabilitation Project in Kyrgyz Republic
Toktogul HPP Rehabilitation in Kyrgyz Republic. Phase 2.
Toktogul HPP rehabilitation. Phase 3.
EDB, as the EFSD Resources Manager, also interacts with ADB in the framework of donor clubs for Armenia, Kyrgyz Republic and Tajikistan.