Majilis approved ratification of $1 bln Kazakhstan-WB Loan Agrt

ASTANA. KAZINFORM The Majilis of the Kazakh Parliament has approved today the bill "On Ratification of the Loan Agreement (The first loan for financing development policy in macro-economic management and increasing competitiveness of economy) between the Republic of Kazakhstan and the International Bank for Reconstruction and Development."

Minister of Finance Bakhyt Sultanov presented the draft law to the Lower Chamber deputies.

According to him, the document was signed in Astana on 17 February 2016.

“The loan will be spent on payment of budget deficit in 2017. The repayment of the loan will be ensured from the national budget,” said Sultanov.

The Minister explained that the WB will give $ 1 bln to Kazakhstan for financing development policy in macro-economic management and increasing competitiveness of economy.

The loan will be provided for the period of 20 years including two and a half years of grace period.