The EFSD provides 40% of stabilisation financing in the Eurasian region: the Fund carried out a medium-term evaluation of its Strategy implementation
5 July 2024. The Eurasian Fund for Stabilisation and Development (EFSD) is a key source of stabilisation financing in the region. It accounts for 40% of such disbursements in the participating countries, according to the data presented at the High-level Strategy Session of the EFSD. Representatives of the Ministries of Finance of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan participated in the event, which summarised the medium-term evaluation results of the Strategy for 2022-2026 implementation.
The first EFSD medium-term Strategy was approved by the member states on 31 May 2022. Long-term priorities and objectives were set on the basis of macroeconomic diagnostics and analysis conducted by the EFSD in the countries, with due consideration of national development priorities, and financial and institutional resources of the Fund. Country Strategies for Armenia, Belarus, Kyrgyzstan and Tajikistan were adopted as follow-ups to the document.
During the Strategy Session it was noted that the Fund is a key support centre of structural and institutional transformation of the participating countries. All the projects implemented by the EFSD in this area are incorporated into national programmes. Over the past period the Fund has supported 3 economic reform programmes. For these purposes, the Fund allocated US $100 million, US $160 million and US $100 million to Armenia, Kyrgyzstan and Tajikistan, respectively. One more programme to support institutional transformation in the Kyrgyz Republic is currently under consideration.
The Fund has become one of the main centres for providing technical assistance to member states and transferring regional and global expertise. Particularly upon the request of the Republic of Kazakhstan, approaches to communication policy on public debt management have been analysed. The Republic of Armenia's public procurement system has been successfully assessed in co-operation with the World Bank, the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD) using international standards. Training events on procurement management, finance, environmental and social impact of projects are held on a regular basis in the participating countries.
The EFSD applies the best international standards and policies. Approaches to managing project results have been developed. All projects are tracked for their input to the Sustainable Development Goals (SDGs) as well as to the EFSD strategic objectives. Environmental and Social Policies and Management Procedures for environmental and social impact of projects and programmes have been drafted.
During the Strategy Session, the participants exchanged views on the results achieved and the need to update the Strategy priorities for which the Fund can support member states until 2026.
Overall, the EFSD received favourable assessment of its performance celebrating its fifteenth anniversary in 2024.
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.
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