Toqayev Signs Law Establishing EFSD Headquarters in Astana
Photo: Aqorda
President Qasym-Jomart Toqayev has signed a law ratifying a protocol that changes the structure of the Eurasian Fund for Stabilization and Development (EFSD) and designates Astana as its new headquarters, Orda.kz reports.
The protocol grants the EFSD greater institutional autonomy and formally separates it from the Eurasian Development Bank, which previously managed its assets. The aim is to improve the fund’s operational efficiency and reinforce its independence.
According to the Senate of Kazakhstan, the EFSD will now hold the status of an independent subject of international law. The fund may also open representative offices in other member countries.
The cost of maintaining the EFSD headquarters will be covered by the fund’s own resources, without requiring additional financing from Kazakhstan’s national budget.
Key changes outlined in the ratified protocol include:
- Use of National Currencies: The EFSD will be allowed to finance projects using the national currencies of its member states, reducing currency risks and supporting regional economic stability
- Introduction of Trust Funds: The fund will be able to manage targeted contributions designated for the non-repayable financing of specific priority projects
- Expanded Monitoring Functions: The EFSD will carry out macroeconomic monitoring and detailed analysis of regional economies using updated models and tools
The Eurasian Fund for Stabilization and Development was established in 2009 to support financial stability across the region.
Member countries include Kazakhstan, Armenia, Belarus, Kyrgyzstan, Russia, and Tajikistan.
Original Author: Rustam Muratov
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