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Kyrgyzstan receives $240 million from International Monetary Fund

After the entry into force of the agreement on distribution the Special Drawing Rights (SDR) among the member countries of the International Monetary Fund, Kyrgyzstan received 170.2 SDR. Website of the organization says.

This amount of the Special Drawing Rights is equivalent to $240 million. These funds can be spent, having received foreign currency financing under the IMF Lending Program, exchanged for stable currency upon the conclusion of a voluntary bilateral agreement with a state, which agrees to provide it.

The International Monetary Fund has decided to allocate the equivalent of $650 billion in Special Drawing Rights. SDRs are credited to IMF member countries in proportion to their existing quotas in the Fund. This means that approximately $275 billion is allocated to emerging and developing economies. Low-income states will receive approximately $21 billion of them.     

Kyrgyzstan can receive even more funds from the IMF as a republic with a difficult economic situation.

At the same time, the IMF management called on countries with a stable foreign trade balance to voluntarily transfer part of the SDRs in favor of the countries in greatest need. Over the past 16 months, several member countries have agreed to provide $24 billion in loans, including $15 billion from SDRs, to replenish the Trust Fund to reduce poverty and promote economic growth. Money from this fund are intended for issuance of concessional loans to countries with low incomes.