The World Bank’s Board of Executive Directors approved $30 million for Strengthening Social Assistance and Labor Market Programs project in Kyrgyzstan. Press service of the bank reports.
As noted, the objectives of this project are to support the country in mitigating the impact of the economic crisis on poor households and labor migrants and to strengthen effectiveness and resilience of the social assistance and labor market programs delivery systems to be better prepared for future shocks.
«High overall inflation and even higher food inflation, due to global crises, is likely to pose serious challenges for the Kyrgyz economy. The new project will directly support the priority task of the Cabinet of Ministers of the Kyrgyz Republic to improve the financial situation of socially vulnerable groups and the employment of citizens, while also contributing to building stronger social protection system,» said Naveed Hassan Naqvi, World Bank Country Manager for the Kyrgyz Republic.
Through the implementation of the project, it is planned to improve the system for providing Uy-bulogo komok allowances, train and employ families from vulnerable segments of the population and improve the social protection system.
The financing for the project will be provided on highly concessional terms through the International Development Association (IDA), the World Bank’s concessional credit window for developing countries. The project will be implemented in the period of 2022-2025 by the Ministry of Labor, Social Development and Migration of the Kyrgyz Republic.
