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Rest of donor funds to be spent on economic recovery of Kyrgyzstan

«The rest of the funds allocated by donors in the amount of $ 148 million will be spent on economic recovery,» the Deputy Prime Minister of Kyrgyzstan Erkin Asrandiev said at a briefing today.

According to him, the bulk of the funds is the second tranche from the International Monetary Fund in the amount of $ 121 million. In addition, there is also a grant from the European Union.

«The lion’s share will be directed to economic recovery and business support. This is due to the fact that most of the resources are provided for a short period of time — 5 years. The grace period will end in three years. We will have to return this money. Therefore, it is more expedient now to allocate the money in form of concessional loans to businesses on a repayable basis, in order to accumulate funds and pay off foreign debt through return of loans,» Erkin Asrandiev said.

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