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Authorized capital of Guarantee Fund may be increased to 3 billion soms

Deputies propose to increase the authorized capital of the Guarantee Fund first to 2 billion, and then to 3 billion soms. MP Akylbek Japarov made a proposal today at a meeting of the parliamentary committee on economic and fiscal policy.

According to him, in 2017 Guarantee Fund JSC issued guarantees for 86 million soms. Due to them it became possible to obtain loans for 313 million soms. But because of the small size of the authorized capital, the fund can’t work effectively.

«We propose to increase domestic debt and issue bonds for $ 20 million, which will go to the authorized capital of the fund. The possibility of issuing to the guarantee fund up to $ 100 million of working capital through the Russian-Kyrgyz Development Fund is under consideration. In addition, we suggest the National Bank to join the authorized capital of the fund,» the deputy said.

The deputies approved the proposal. However, we noticed that in this case the National Bank should become the regulator of the Guarantee Fund’s activity in order to prevent waste of funds. Chairman of the National Bank Tolkunbek Abdygulov said that he was of the same opinion.

The deputies supported the recommendations of the working group that the government took the necessary measures to increase the authorized capital of the Guarantee Fund before the end of the first quarter of 2018.