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Cover IMF Staff Country Reports
Kyrgyz Republic: Request for Purchase Under the Rapid Financing Instrument and Disbursement under the Rapid Credit Facility-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper focuses on the Kyrgyz Republic’s Request for Purchase Under the Rapid Financing Instrument and Disbursement Under the Rapid Credit Facility. The coronavirus disease 2019 pandemic has hit the Kyrgyz economy very hard and increased an already urgent balance of payments need. All sectors are being severely affected while measures are being taken to stop the spread of the virus. The IMF emergency support addresses the urgent balance of payments need, shores up confidence, and catalyzes donor support. In order to ensure that the financing provided is efficiently spent on addressing the crisis, the authorities have committed to strengthen procurement rules. The health care contingency plan and the initial package of economic measures already adopted by the authorities to provide health and economic relief are welcome, as is the second, larger, package of measures under preparation. In their attached letter of intent, the authorities remain committed to temporarily loosening macroeconomic and financial policies to finance health and economic relief and support a recovery. They have also made additional commitments to strengthen procurement rules, including steps to enhance transparency, to help ensure that financing received is efficiently spent on addressing the crisis.
Keywords:
ISCR; CR; IMF emergency support; support; Executive Board discussion; enterprise; procurement rule; donor support; balance of payments gap; International reserves; Credit; Debt service; COVID-19
Cover IMF Staff Country Reports
Kyrgyz Republic: Request for Purchase Under the Rapid Financing Instrument and Disbursement under the Rapid Credit Facility-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
The outbreak of the COVID-19 pandemic has weakened the macroeconomic outlook. The authorities have launched a health care contingency plan and an initial package of economic measures, together totaling $31 million (0.4 percent of GDP), and are preparing a second, larger package of economic measures of about $400 million (5.2 percent of GDP). To help address an urgent balance of payments need arising from the pandemic, estimated at about $500 million, the authorities request an additional purchase under the Rapid Financing Instrument (RFI) of 33.3 percent of quota (SDR 59.2 million) and a disbursement under the Rapid Credit Facility (RCF) of 16.7 percent of quota (SDR 29.6 million) under the “exogenous shock” window of the RCF. This follows Board approval on March 26, 2020 of the authorities’ earlier request for the same amounts, before the doubling of the annual access on emergency financing under the “exogenous shock” window of the Rapid Credit Facility (RCF) to 100 percent of quota was approved on April 6, 2020. This additional request will bring the total purchases under the RFI and the disbursements under the RCF to 100 percent of quota in 2020.
Keywords:
ISCR; CR; IMF emergency support; support; Executive Board discussion; enterprise