The Asian Development Bank is providing Kazakhstan with a loan amounting to 52.3 billion yen, with a repayment term until December 1, 2038, including a grace period until June 1, 2027.
According to Senator Sergey Karplyuk, the law is aimed at securing a loan from the Asian Development Bank to finance the budget deficit for the current year, which is projected to be 3.6 trillion tenge, or 2.7% of the country's GDP.
"Out of the 3.6 trillion tenge, 3 trillion has already been financed through the issuance of securities in the domestic market. We have about 600 billion tenge left that we need to finance," said Sergey Karplyuk.
Additionally, the Senate ratified the Loan Agreement between the Republic of Kazakhstan and the International Bank for Reconstruction and Development. The bank is providing Kazakhstan with a loan of 85 billion yen, with a repayment term until September 15, 2034, including a grace period until March 15, 2029.
Furthermore, the Senate ratified the Loan Agreement between the Republic of Kazakhstan and the Asian Infrastructure Investment Bank. The bank is providing Kazakhstan with a loan of 52.7 billion yen, with a repayment term until December 1, 2038, including a grace period until June 1, 2027.
The loan funds will enable the financing of the current year's republican budget deficit, thereby ensuring the fulfillment of all obligations undertaken by the state.
Previously, the agreements for loans from international banks were ratified by the Mazhilis.