Tajikistan Received $70 Million from EurAsEC Anti-Crisis Fund
Almaty, 23 August 2010. The EDB as manager of the EurAsEC Anti-Crisis Fund (ACF) transferred $70 million in a financial loan to the Ministry of Finance of Tajikistan.
became the first ACF country to avail itself of ACF resources. A resolution to that effect was adopted by the ACF Council on 18 June, and a loan agreement between the Tajik Government and the EDB as ACF manager was executed on 24 July.
This loan is being provided for 20 years including
The Tajik Government intends to use this loan for maintaining the financing of the social sector (education, health and social security) at the planned level. In the first half of the year budget revenue growth in Tajikistan was somewhat slower than expected, hence cuts in public spending. In this situation, the ACF loan will enable the country to maintain financing of the social sector at the pre-crisis level.
In accordance with the ACF Financial Loans Procedure, the ACF manager closely cooperates with the Tajik Government in assessing the results of the policy aimed at enhancing public revenue and improving public finance management. As part of this policy, the Government takes measures to establish and strengthen internal and external audit institutions, and to enhance transparency of public finance.
A preliminary assessment of this reform will be made by the ACF Council at its session in late October. In the beginning of 2011 the Council will consider a new loan to Tajikistan for supporting the country’s 2011 budget. A final decision will be made based on the forecasts of needs for additional support and the results of the Government’s budget reform.