15/12 21:08
 

Kyrgyzstan’s quota in IMF will be doubled

Bishkek, December 15 / Kabar /. The Minister of Finance of the Kyrgyz Republic Adylbek Kasymaliev at a meeting of the Parliament presented the draft law "On ratification of the amendment to the Articles of Agreement of the International Monetary Fund (IMF) on the fourteenth general review of quotas and the reform of the Executive Board, adopted by the Board of Governors of the International Monetary Fund's resolution of 15 December 2010," the press service of the Jogorku Kenesh reported.

He said that the Kyrgyz Republic became a member of the IMF since May 8, 1992, with an initial quota of 43 million Special Drawing Rights (SDR) (about 63.4 million US dollars).

In 2010, the IMF Board of Directors adopted an amendment regarding an increase in country quotas by 2 times. This is due to the reform of the IMF, to increase and redistribution of quotas of member-countries in favor of emerging market and developing countries to reflect their growing role in the world economy and the expansion of investment powers of the IMF, as well as with the reform regarding the structure of the Executive Board, the composition of which will continue to be elected by all the IMF member countries.

Consequently, for Kyrgyzstan the main result of the IMF reform will be the increase of the country quotas in the IMF in 2 times up to 177.6 million SDR, and, accordingly, the amount of available borrowings increases by 2 times.

The implementation of this amendment opens up opportunities to attract into the country preferential loan funds annually up to SDR 177.6 million (or USD 262.2 million).

Share

  • print
  • Place on Facebook
  • Place on Twitter
  • Place on Contacts
  • Place on LiveInternet
  • Place on Одноклассники
  • Place on LiveJournal
  • Place on Мой Мир
  • anticorr
  • MSZN