The EFSD conducts a workshop on efficient procurement and financial management for EFSD-funded projects in the Kyrgyz Republic
Bishkek, 10 June 2024. The Eurasian Fund for Stabilization and Development (EFSD) conducted a workshop on efficient procurement and financial management in the implementation of EFSD-funded projects in the Kyrgyz Republic.
The event brought together representatives from various ministries, implementing and executing agencies, and project implementation teams from sectors such as energy, road construction, water, health, and tax administration.
The EFSD monitors the funds allocated to projects, including through regular missions by Fund representatives to recipient countries. Procurement for projects adheres to the Fund’s standards, which are fully aligned with international best practices. This ensures the effective utilization of allocated funds, a crucial aspect for infrastructure construction and the acquisition of complex equipment, knowledge-intensive information technology and consumables.
The workshop provided examples of the most complicated procurement and financial management procedures. It also discussed deviations from standards encountered by the Fund during project monitoring.
The Kyrgyz Republic is a founding state of the EFSD. Since its establishment, the Fund has allocated approximately US $660 million for the country’s development. Projects include the reconstruction of the Bishkek–Osh road; rehabilitation of the Toktogul HPP; commissioning of the second unit at Kambarata HPP-2; donation of over 100 medical vehicles; improvement of rural water supply in the Osh Region; the Health Caravan grant program for disease prevention in hard-to-reach areas; financing of agricultural machinery supplies; stabilization financing, and support for reforms.
The Eurasian Fund for Stabilization and Development (EFSD) is a regional financial arrangement totaling US $9 billion, established in 2009 by the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. The EFSD aims to promote economic and financial stability in its member states and support their sustainable development.
The EFSD Press Service: