The World Bank Treasury customized an IBRD loan for Kazakhstan that saved the client on interest rate costs and bypassed the peak periods in its other debt obligations. The Government of Kazakhstan (i) saved approximately 18 percent on the interest rate cost of the IBRD Development Policy Financing (DPF) by selecting the below eightyear average repayment maturity (ARM) category; (ii) customized the loan's repayment schedule to accommodate the redemption of two Eurobonds maturing in the medium-term; and (iii) created short term fiscal space with a 2.5-year grace period to mitigate the adverse economic effects of the COVID-19 crisis. […]