The FINANCIAL — The European Commission disbursed on June 11 €10 million in grants to the Kyrgyz Republic as part of the EU Macro-Financial Assistance (MFA) for the country.
This amount is part of the first tranche of the €30 million MFA programme, which the EU approved in October 2013. This MFA takes the form of a €15 million grant and a €15 million medium-term loan, according to European Commission.
On 22 May 2015, the European Commission approved the disbursement of the loan element of €5 million of the first tranche, which will also be released shortly.
Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxations and Customs, said: “The EU remains committed to support the Kyrgyz Republic’s efforts to stabilise its young parliamentary democracy and to help the role of civil society organisations in the reform process. With Macro-Financial Assistance, we help the Kyrgyz Republic to maintain macroeconomic stability and create more sustainable growth. At the same time, the EU will continue its political dialogue with the Kyrgyz authorities at all levels, including on the need to respect human rights and fundamental freedoms.”
The objective of this assistance is to support the restoration of a sustainable external financial situation for the Kyrgyz Republic, to alleviate its balance of payments needs and thereby support its economic and social development. It complements the assistance that the International Monetary Fund (IMF) provides in the context of the Stand-By Arrangement approved by the IMF on 8 April 2014.
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