Kazakhstan will borrow 345 million euros from the International Bank for Reconstruction and Development. Mazhilis approved the draft law on the ratification of the loan agreement between Kazakhstan and the IBRD at a plenary session today. The full amount will be aimed at covering the country’s budget deficit, Kazakh Finance Minister Yerulan Zhamaubayev reported, presenting the bill at the Lower House of the Kazakh Parliament. The funds will also support social and other high-priority programs of the state targeting a sustainable economic recovery. Zhamaubayev noted that the loan will have a maturity of 11 and a half years with a rather attractive rate that would not exceed 2.5 percent.
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