MANILA, July 1 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it has approved a funding of 50 million U.S. dollars to support fiscal and public management reforms in Kyrgyzstan to enable more public funding for the nation's low-carbon transition and climate adaptation needs.
The funding includes a 43-million-U.S.-dollar policy-based concessional loan and a 7-million-U.S.-dollar Asian Development Fund grant.
Vulnerable to macroeconomic shocks and climate change impacts, Kyrgyzstan is prioritizing structural reforms to improve fiscal sustainability, domestic resource mobilization, public sector governance, and efficiency to foster economic growth.
The ADB's Sustainable Fiscal Management and Governance Improvement Program, consisting of two subprograms, aims to strengthen public financial management, improve corporate governance and procurement of state-owned enterprises, enhance tax policy and administration, and increase transparency and accountability in public administration.
The program is expected to support resilient and inclusive economic growth through complex and challenging institutional reforms, the ADB said. ■