ADB to Support Public Sector and Governance Policy Reforms in Kyrgyz Republic – Education in India | Latest Education News

MANILA — The Asian Development Bank (ADB) is providing $50 million to support fiscal and public management reforms in the Kyrgyz Republic to enable increased public financing for the country’s transition to a low-carbon economy and climate change adaptation, and to integrate gender into budgeting processes.

Funding for Sub-Programme 1 of the Sustainable Financial Management and Governance Improvement Programme includes a policy-based concessional loan of $43 million and a grant from the Asian Development Fund of $7 million.

Kyrgyzstan’s economy is vulnerable to macroeconomic shocks due to a lack of economic diversification, weaknesses in governance, and limited fiscal space, which also limit the government’s ability to respond to emerging challenges. As one of the most vulnerable countries to the effects of climate change, the government wants to strengthen public financial management to provide financing to key sectors. Therefore, the government is prioritizing structural reforms to improve fiscal stability, domestic resource mobilization, public sector management, and efficiency to support economic growth.

The ADB Sustainable Fiscal Management and Governance Improvement Program, consisting of two sub-programs, aims to strengthen public financial management, improve corporate governance and public procurement of state-owned enterprises, improve tax policy and administration, and increase transparency and accountability in public administration. The program is expected to support resilient and inclusive economic growth through a series of complex and challenging institutional reforms.

“The approval of this program signifies ADB’s commitment to help the Kyrgyz Republic overcome development constraints and strengthen governance through anti-corruption policies and initiatives to achieve sustainable, resilient and inclusive economic growth,” said ADB Director General for Central and West Asia Yevgeny Zhukov. “The program aims to improve the efficiency of public institutions and public financial management to ensure sound governance and greater transparency.”

“By focusing on climate- and gender-responsive public financial management, the programme will contribute to sustainable and inclusive economic growth,” said Hanif Rahemtulla, Chief Public Sector Officer at ADB.

This year marks the 30th anniversary of the ADB-Kyrgyz Republic partnership, a collaboration spanning more than 217 projects and technical assistance in key economic sectors. Since the Kyrgyz Republic joined ADB in 1994, the bank has committed $2.6 billion in loans, grants, and public sector technical assistance to the country.

ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while continuing its efforts to eradicate extreme poverty. Founded in 1966, it is owned by 68 members – 49 from the region.