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UPDATE 1-Kazakhstan to fund 2016 budget gap with $2 bln ADB, World Bank loans
December 23, 2015 / 5:56 AM / 2 years ago

UPDATE 1-Kazakhstan to fund 2016 budget gap with $2 bln ADB, World Bank loans

(Adds details)

ASTANA, Dec 23 (Reuters) - Kazakhstan plans to borrow a combined $2 billion from the Asian Development Bank (ADB) and the World Bank in order to finance its 2016 state budget deficit, Economy Minister Yerbolat Dosayev told reporters on Wednesday.

The ADB and World Bank will each lend the country $1 billion, the minister said.

Separately, Finance Minister Bakhyt Sultanov told the parliament the ADB loan would have a five-year tenor and carry an interest rate of LIBOR plus 2 percentage points. He provided no details of the planned World Bank deal.

Kazakhstan’s parliament passed the budget last month with a planned deficit of 723.4 billion tenge ($2.2 billion).

The resource-rich Central Asian nation has been hit hard by plummeting prices for oil, its main export.

Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Jacqueline Wong and Sam Holmes

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