22.10.2009, 11:50 3239

Parliament ratified Asian Development Bank Loan Agreement

Today, at the plenary session, the deputies of the Senate of Parliament of Kazakhstan passed the Law on Ratification of the Loan Agreement (Anti-Crisis program) between the Republic of Kazakhstan and the Asian Development Bank (ADB), the agency reports.

Astana. October 22. Kazakhstan Today - Today, at the plenary session, the deputies of the Senate of Parliament of Kazakhstan passed the Law on Ratification of the Loan Agreement (Anti-Crisis program) between the Republic of Kazakhstan and the Asian Development Bank (ADB), the agency reports.

According to the conclusion of the Senate Committee for International Relations, Defense and Security, the purpose of the agreement is to finance deficit of the republican budget and realize the anti-recessionary measures of the government by attracting a loan from the Asian Development Bank at the rate of $500 million. The loan will be given for five years, including a three-year grace period.

The loan agreement between Kazakhstan and ADB within the anti-crisis support program for the ADB member countries was signed on September 14th, 2009 in Astana. The ADB anti-crisis support program has been developed to decrease the influence of the world financial crisis and support the state budgets of the ADB member countries.

The law has been forwarded to the leader of state to be signed into law.

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