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IMF loan of $ 120.9 million to be used for budget support in Kyrgyzstan

The first IMF emergency loan of $ 120.9 million is soft loan and will be used to support the budget of Kyrgyzstan. The Finance Minister of the country Baktygul Jeenbaeva told at a briefing today.

She recalled that Kyrgyzstan would receive $ 80.6 million through the Rapid Financing Instrument (RFI) and $ 40.3 million — under the Rapid Credit Facility (RCF).

«The outbreak of the coronavirus pandemic weakened our prospects, showed a gap in the balance of payments, which as of today is estimated at $ 400 million. IMF resources will help ensure budget support, increase the ability to fulfill obligations, and minimize the negative impact of coronavirus on the economy. In addition, this will increase confidence in the development of economy in the near future,» Baktygul Jeenbaeva said.

«The loan will serve as a catalyst for the subsequent stimulation of other donor assistance. The government currently makes all payments, including salaries, allowances, pensions and other protected expenditure items. We will make every effort to fulfill obligations in a timely manner and in full,» she told.