Kyrgyzstan hopes for Kazakhstan's financial aid

13 июля 2014, 11:41
MInister of Economics of Kyrgyzstan Temir Sariyev ©
MInister of Economics of Kyrgyzstan Temir Sariyev ©

Kyrgyzstan’s government is ready to sign a bilateral agreement with Kazakhstan detailing financial assistance to the former in its ascension to the Customs Union and the Eurasian Economic Union of Russia, Kazakhstan and Belarus, Tengrinews reports citing the Minister of Economy of Kyrgyzstan Temir Sariyev as saying in Bishkek in late May.

Implementation of its state-run Roadmap project requires $377 million. Kyrgyzstan has already agreed to receive $200 million in grant money from Russia. Consultations on financial assistance from Kazakhstan are also being planned. "The Customs Union is regulated by 110 agreements accepted by the members of the union. These are multilateral agreements, and there are documents that we need to align with the standards that are presented to us," Sariyev said.

To fully adapt the Kyrgyz economy to the Eurasian Union there is an agreement to establish a special $1 billion fund together with Russia. Half of the amount will come as a grant and the other half - as a loan. Kyrgyzstan has committed itself to harmonising the legal framework for the accession into the Customs Union and the Eurasian Economic Union by January 1, 2015.

The three post-Soviet countries - Russia, Kazakhstan and Belarus -  signed the Treaty establishing the Union on 29 May in Astana. The Union will come into effect in January 2015.

Writing by Dinara Urazova, editing by Tatyana Kuzmina 

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