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
Latest news
- Kazakhstan’s Credit Rating Upgraded for First Time in a Decade
- While Thousands Lost Power, KEGOC Executives Received Nearly Half a Billion Tenge
- Changi Airport Group May Help Build Astana’s New Airport
- US Again Extends Deadline for Lukoil to Sell Its Assets in Kazakhstan
- Kazakhstan Extradites Business Manager From Russia in 290 Million Tenge Tax Case
- Released Amur Tiger Successfully Hunts in Kazakhstan’s Wild
- Kazakhstan Moves to Develop Critical Minerals as Global Competition Intensifies
- Another Performance by Kazakh Stand-Up Comedian Called Off
- Uzbekistan Begins Preparations for Second Nuclear Power Plant
- Backpack Links Glacier Remains to Man Missing for 19 Years
- 650-Hectare Wildfire Contained in Karaganda Region
- Unusual Wildlife Encounter Captured in Altyn-Emel
- Retired Border Service Dog Sold for $2 at Kazakhstan Auction
- Will Kazakhstan Have Enough Coal This Winter?
- Belarusian Hikers Find Body on Glacier Near Almaty
- Kazakhstan Investigates Spending on 242 Million Tenge Educational Game
- Kazakhstan Makes Caspian Oil Companies Pay for Counterterrorism Deployments
- Kazakhstan Faces Shortage of 245,000 School Places
- Waste Dumping Reported Near Yurt Camps at Lake Zaisan
- Kazakh Oil Rerouted to Novorossiysk as Russia Frees Baltic Export Capacity
