MPs discuss bill on Loan Agreement with IBRD

ASTANA. KAZINDORM - Senators have discussed the draft law "On ratification of the Loan Agreement between the Republic of Kazakhstan and the International Bank for Reconstruction and Development (IBRD)" at the extended session of the Committee for finance and budget today.

"The Agreement between the Republic of Kazakhstan and the International Bank for Reconstruction and Development (IBRD) in the amount of 1 billion US dollars was signed in line with the Decree №186 as of February 1, 2016. The loan will be allocated to finance budget deficit in 2016," said Vice Minister of Finance Ruslan Beketayev, introducing the draft law.
According to him, the loan will be granted for 20 years, including a grace period 2.5 years. Lump sum payment totals 0.25% of the loan amount. Commitment fee equals 0.25% per year of undrawn loan balance.
After the discussion the committee made a decision to submit the draft law to the upcoming plenary session of the Senate.