EFSD Council extends financial credit availability period for the Republic of Tajikistan

Moscow, 13 October 2017. The Council of the Eurasian Fund for Stabilisation and Development (EFSD) has extended the financial credit availability period for the Republic of Tajikistan.

The decision is taken to give the country’s authorities time to develop mechanisms agreed with Eurasian Development Bank, the EFSD Resources Manager (the Manager), for setting the official exchange rate while ensuring minimisation of the risk of multiple currency practices, as well as take measures to settle arrears to the Manager accumulated by a legal entity, of which the Government of the Republic of Tajikistan is a shareholder.

Based on the Manager’s report on evaluation of the measures taken by the authorities, the EFSD Council will take a decision on the rationale for further support of the Reform Programme of the Government and the National Bank of the Republic of Tajikistan (the Reform Programme) with the EFSD financial credit. The decision is to be adopted by 15 November 2017.

Of the total credit amount of US $40 million available to support the Reform Programme, one tranche of US $20 million has been disbursed to the country so far. The Reform Programme supported with the EFSD financial credit is focused on measures aimed at strengthening the resilience of Tajikistan’s economy to external shocks by improving the exchange rate flexibility and following prudent monetary and fiscal policies, as well as implementing structural reforms in the fiscal, banking, and energy sectors of the country.

The decision to extend the financial credit availability period for the Republic of Tajikistan from 30 September 2017 till 15 November 2017 was adopted by the EFSD Council on 29 September 2017.

Additional Information:

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. 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 Stabilisation 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.

EDB Media Centre:
+7 (727) 244 40 44, ext. 6147 (Almaty)
+7 (495) 645 04 45, ext. 2732 (Moscow)
pressa@efsd.org

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