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Kyrgyzstan in talks with EBRD, World Bank, Islamic Bank and Asian Development Bank on seeking sources for supporting business

7 April 2020

Government last week has adopted a short-term anti-crisis plan for the next 2-3 months that includes 30 tasks, Deputy Prime Minister Erkin Asrandiyev said.

The anti-crisis plan includes food safety, tax, social security issues, freeing from payment of public utilities for 3 months, he said.

The deadlines for submitting tax reports have been moved, the deadline for submitting the annual tax return has been extended for 1 year. The moratorium on business checks was extended for 1 year until the end of 2021.

"As for supporting the business, we are looking for $200-250 million. One of the options is free funds from the Russian-Kyrgyz Development Fund. We're also working with the donors such as EBRD on financing $100-150 million, which will be 50% grant", he added.

Negotiations are also underway with the World Bank, the Islamic Bank and the Asian Development Bank, Asrandiyev said.

"It is necessary to openly say that we cannot fully exempt business from taxes or allocate funds from the budget just like the developed countries. Our budget is designed only for payment of salaries and pensions. We do not have stabilization funds," he said.

He added that next week the government will be ready to present the second package of anti-crisis measures, and work on the third package will begin.