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. Last Updated: 07/27/2016

IMF, Kazakhstan Near Loan Deal

ALMATY, Kazakhstan -- The International Monetary Fund has reached preliminary agreement with Kazakhstan on a three-year funding package to the oil-producing former Soviet republic, IMF and Kazakh officials said Monday.

Neither side gave details on the deal to grant an Extended Fund Facility, reached after a two-week fund mission here and still subject to IMF board approval.

"We have in principle an agreement for a three-year EFF which contains structural reforms," said an IMF source who did not wish to be identified.

Kazakh officials had said before the talks that they hoped the facility would total $500 million to $600 million.

Kazakhstan last June received a $290 million, one-year IMF standby facility, but has not drawn on the funds because of its healthy central bank reserves.

The IMF is cooperating with the World Bank in backing structural adjustment programs to help boost banking sector efficiency and government tax collection, the source added.