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Monday, November 12, 2018

World Bank offers support to Kyrgyz Republic

The World Bank's board of executive directors approved a $25 million loan on Tuesday for the Second Development Policy Operation (DPO-2) for the Kyrgyz Republic.

This is the second of two budget support projects that work to improve public sector governance and enhance the business environment from 2012-2014.

The DPO-2 will help increase the accountability and transparency of public resource use through anti-corruption plans, improving the internal auditing system, reforming public procurement and through increasing the transparency of public energy companies.

The program will also improve business inspection systems, banking supervision and create a more effective judiciary and deposit protection framework.

"The World Bank's budget support accompanies Government reforms set out in the 2013-17National Sustainable Development Strategy," Alexander Kremer, the World Bank country manager in the Kyrgyz Republic, said. "For example, the Government has submitted to the Parliament a new Public Procurement Law that introduces good international practices in public procurement. Another accomplishment is the establishment of a new credit registry that aims to enhance the ability of the National Bank to effectively supervise the financial sector. The Bank also welcomes the submission to the Parliament of the program aimed at increasing the financial independence of the judicial sector."

The World Bank aims to reduce poverty, promote economic growth and shared prosperity in the Kyrgyz Republic.