Today, 1 October 2024, at a meeting of the Jogorku Kenesh Committee on Transport, Communications, Architecture and Construction, MP Eldar Abakirov expressed concern about the financial losses of the State Development Bank. He noted that funds for the bank are allocated at 14% per annum, while the bank issues loans at 6%, which creates a loss of 8%.

During the discussion, the MP also asked why the Accounts Chamber had not paid attention to this situation. Vadim Sadovnikov, auditor of the Accounts Chamber, explained that in 2023, the bank issued only one loan of 200 million KGS to the company ‘Shoro’ at 6% per annum, and the rest of the funds were invested in securities.

Deputy Finance Minister Umutzhan Amanbayev added that the loans issued at 6% are aimed at supporting businesses, which is part of the state policy.

In addition, in 2023, there was a drop in non-tax revenues in the budget of 10.8 billion KGS. This was due to the provision of instalments to the OJSC ‘’State Development Bank‘’ to purchase 100% of the state stake in CJSC ‘’Alfa Telecom‘’ and the cancellation of a 7% commission fee of 1 billion KGS.