Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan raised funds from the French Development Agency (AFD) in the amount of 150 million euros to support the budget.

The draft decree of the President of Uzbekistan “On measures to implement the project “Program for improving economic management” with the participation of the French Development Agency” was published for discussion.

The document notes that on 22 November 2018, the Board of Directors of the French Development Agency (AFD) approved allocation of a budget support loan to the Republic of Uzbekistan within the framework of the “Economic Management Improvement Program” project, developed with the assistance of the Asian Development Bank, in the amount of 150.0 million euros.

The loan was granted for 20 years with a six-year grace period. The AFD loan is granted to Uzbekistan to finance the expenses of the State Budget of Uzbekistan.

In July, Deputy Prime Minister and Minister of Finance Jamshid Kuchkarov reported that the World Bank and ADB provided Uzbekistan with US$800 million funds to support the budget. He said that the Government of Uzbekistan intends to optimize the use of loans provided in order to prevent a budget deficit in the short term.