The Eurasian Fund for Stabilization and Development (EFSD) will provide Tajikistan with a loan of $50 million for 20 years at 1% per annum for social support and ensuring the stability of the financial sector in the face of a pandemic, the Minister of Finance of the Russian Federation, Chairman of the Council of the EFSD Anton Siluanov told reporters.
"The Council of the Eurasian Fund for Stabilization and Development has decided to provide a financial loan in the amount of $50 million to the Republic of Tajikistan. < ... > In this case, the Fund allocates funds for economic and social support of the Republic of Tajikistan in the conditions of the spread of the coronavirus infection. The funds will be used to support the population, employment and ensure the stability of the financial sector," Siluanov said.
"The Fund provides very favorable conditions for our partners. Tajikistan has received a loan for 20 years at 1% per annum," he added.
The EFSD is a financial mechanism created to overcome the negative consequences of the crisis and ensure long-term sustainability and promote the integration of the economies of its participants. The main source of the Fund's funds is almost 90% of the Russian Federation's contributions.
In addition, according to Siluanov, the Fund Council decided to hold an extraordinary competitive selection of projects to Finance grants. "These funds will be directed to the needs of health systems. Thus, the Fund's member states will have additional opportunities to respond quickly to the coronavirus outbreak. Grants will be provided to countries with a low level of gross national income per capita. According to these criteria, Kyrgyzstan, Tajikistan and Armenia can apply for grants," Siluanov said.
GSV "Russia - Islamic World"
Photo: Federation Council
Based on materials from TASS