To finance the 2024 budget deficit, Kazakhstan will take three international loans totaling $1.3 billion. The corresponding laws were approved on Thursday during a plenary session of the Senate of Kazakhstan, reports Vlast.kz.
"The loan amount from the Asian Development Bank is 52.3 billion Japanese yen (approximately 175 billion tenge). The loans are provided to the Republic of Kazakhstan with a repayment term of 15 years, including a grace period until June 1, 2027. The final interest rates from the ADB are 0.7%. The loan will be directed to finance the 2024 budget deficit," stated Senator Sergey Karplyuk.
Under the law "On Ratification of the Loan Agreement (Development Policy Financing Loan: Inclusive and Sustainable Economic Growth) between the Republic of Kazakhstan and the International Bank for Reconstruction and Development," a loan of 84 billion Japanese yen — approximately $600 million — is envisaged. Within the framework of the third agreement, the Asian Infrastructure Investment Bank will provide Kazakhstan with a loan of 52.7 billion Japanese yen, or about 175 billion tenge.
"The loan funds will ensure the fulfillment of all state obligations undertaken within the framework of the 2024 republican budget," Karplyuk emphasized.
CentralasianLIGHT.org
December 13, 2024