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Deputies refuse to adopt amendments recommended by IMF

Deputies of the Committee of the Parliament on Economic and Fiscal Policy refused to adopt amendments to the law on the National Bank and banking operations, which the International Monetary Fund insists on. The decision was made today at a meeting of the committee.

The amendments propose to change the management structure of the National Bank so that the Chairman and two his deputies to have administrative and managerial powers. At the same time, it was proposed to increase the number of board members, who monitor and analyze the bank management process, from three to five.

In addition, it is proposed to declare paragraphs 11 and 12 of Part 1 of Article 18 of this Law invalid. They say that the National Bank can carry out transactions on the purchase of foreign currency with organizations created by Kyrgyzstan with other states within the framework of the Eurasian Economic Union. The second paragraph states that the National Bank can provide money in the national currency to international organizations established by Kyrgyzstan with other countries within the framework of EEU.

These two points were included into the law so that the Russian-Kyrgyz Development Fund could work more effectively in the republic.

Chairman of the National Bank Tolkunbek Abdygulov told that the amendments are made within the memorandum signed with the International Monetary Fund. It is concluded for three years. Its main essence is that Kyrgyzstan receives preferential loans from the IMF to support the budget. At the same time, Kyrgyzstan must implement a number of recommendations of the Fund.

The deputies said that the republic could not change laws only because it is spelled out in the memorandum.

«I always support the National Bank. In this case, I am absolutely against adoption of even the concept of the bill. Why should we change laws, damaging the country’s economy? We together with Azamat Arapbaev want to amend the law on the National Bank. According to them, the National Bank is assigned the right to give som loans secured by foreign currency to organizations set up by Kyrgyzstan with other countries within the framework of EEU. And now it turns out that you, on the contrary, exclude this possibility radically. So it is impossible,» said deputy Akylbek Japarov.

Everyone who signed the memorandum with IMF should be punished for having taken decisions that are obviously unprofitable for the country.

Akylbek Japarov

Deputy Gulshat Asylbayeva noted that it is not right when the duties of deputy chairmen of the Board of the National Bank are determined by a separate law. The head of the National Bank of the Kyrgyz Republic himself can solve this issue.

Tolkunbek Abdygulov noted that when signing the memorandum with IMF, he immediately warned that the National Bank would submit the required amendments, but it would not be able to guarantee their adoption. After all, the Parliament makes the final decision.

The deputies rejected the bill.

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