2022 did not reach the pandemic – Newspaper Kommersant No. 30 (7475) of 02/17/2023
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The Eurasian Fund for Stabilization and Development (EFSD) analyzed the amount of financial support from international organizations and development agencies in the countries of the “Eurasian region”. The database takes into account sovereign financing operations in the form of stabilization or investment loans, grants and technical assistance operations – a total of $ 90 billion. Uzbekistan received the most support over the past 15 years – $ 20.9 billion, while Belarus became the largest recipient of stabilization loans. 2022 turned out to be more modest in terms of aid volumes than the record year 2020.
The Eurasian Fund for Stabilization and Development assessed the amount of so-called sovereign financing for development and stabilization, which is received by the EAEU countries, as well as Azerbaijan, Georgia, Tajikistan, Mongolia, Turkmenistan and Uzbekistan. These are stabilization loans (to support the budget, balance of payments, stabilize national currencies and provide fiscal support), investment loans (mainly for infrastructure, agriculture, energy), grants and technical assistance (training, improvement of institutions, etc.). In total, the database takes into account the operations of 16 “donors” – ten international financial organizations (including the International Monetary Fund, the World Bank (WB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, etc.). ), as well as six sovereign development agencies (USAID, GIZ, TIKA, JICA, AFD and SDC).
In total, since 2008, 3,900 sovereign financing operations worth about $90 billion have been identified, of which $54.2 billion were investment loans, $31.2 billion were stabilization loans, and $4.4 billion were grants (most of them were technical assistance). – 2.9 thousand). Most of the funds were allocated in the crisis years of 2009, 2015 and 2020 (see chart), including the fight against the pandemic, the total amount of funding amounted to $10.9 billion. But already in 2021, the amount of allocated support decreased to $4.3 billion, countries received $6.9 billion last year, and the number of approved surgeries also fell from 234 in 2020 to 103 in 2022. “The region faces significant fiscal and developmental challenges, with most of the region’s countries in the low-income group, increasing demand especially for stabilization loans during times of crisis,” the report’s authors explain.
In terms of approved funding, the WB, ADB, IMF and EFSD are the leaders – they account for almost 80% of the volume of approved support, while ADB (683 transactions for $26.6 billion) and the World Bank (1011 transactions for $26.5 billion) issued primarily investment loans, while the IMF ($9.6 billion) and the EFSD ($6.7 billion) are stabilization loans. The largest recipients of IMF support were Belarus ($3.45 billion), Georgia ($2.6 billion) and Armenia ($1.9 billion), EFSD loans were also directed mainly to Minsk to maintain financial stability (these are three loans allocated in 2011, 2016 and 2020 by $5.5 billion)
In total, Uzbekistan received the most support ($20.9 billion, of which $15.4 billion were investment loans, the country also accounted for the most transactions – 541), followed by Kazakhstan ($14.2 billion), Georgia ($11.3 billion) and Belarus ($10.9 billion). $6.2 billion was sent to Azerbaijan, $5.2 billion to Mongolia, $5.2 billion to Armenia, $5 billion to Kyrgyzstan, $4.7 billion to Tajikistan, Turkmenistan received the least amount ($1.9 billion) , Russia became the recipient of only $3.9 billion, including $2.7 billion from the New Development Bank (its members are the BRICS countries), $734 million from the World Bank and $148 million from the European Investment Bank.
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