Kyrgyzstan to get $14.6 mln IMF loan to support budget
BISHKEK. Dec 30 (Interfax) - The IMF has approved an additional $14.6 million for Kyrgyzstan under its Extended Credit Facility (ECF) to support the national budget, the IMF said in a statement.
The ECF totaling $102.2 million was approved on June 20, 2011. Kyrgyzstan has already received five tranches totaling $87.6 million.
The funds are being provided at zero interest. The grace period for the 10-year loan is 5.5 years.
The IMF said the disbursement of the funds was approved after a review of Kyrgyzstan's track record meeting its commitments following receipt of previous tranches. The IMF noted that the Kyrgyz economy is recovering following the slump that resulted from disruptions in the gold mining sector in 2012. Tax and budget policy remains conservative.
"Intensive public investment programs and the decline in gold prices are putting temporary pressures on the current account," the press release says. "Nonetheless, the medium-term outlook is broadly favorable, despite the slowdown in the region," the IMF said.
