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Middle East and Central Asia > Kyrgyz Republic

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Cover IMF Staff Country Reports
Republic of Kazakhstan: 2008 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The Republic of Kazakhstan’s 2008 Article IV Consultation shows that banks have lost access to new external financing, credit extension has stalled, and growth has slowed. Nevertheless, Kazakhstan has considerable public financial resources to help it weather the current situation and the country is benefiting from high oil and commodity prices. A realistic assessment of the health of banks needs to be made and steps taken to mitigate risks, including by bolstering capital bases, strengthening bank supervision, and further developing the financial safety net framework.
Keywords:
ISCR; CR; food price inflation; price; refinancing; injection; foreign currency assets; Kazakhstan economy; market perception; current account; Loans; Exchange rates; Foreign assets; Credit; Global; Central Asia and the Caucasus; Central Asia
Cover IMF Staff Country Reports
Kyrgyz Republic: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility—Staff Report; and Press Release on the Executive Board Consideration
International Monetary Fund
Economic activity in the Kyrgyz Republic has been buffeted by the political upheaval, and output growth has fallen short of expectations. The program builds on the country’s entrenched fiscal prudence and features a tightening in monetary policy, so as to secure rapid sustained growth in a low-inflation environment. Structural reforms under the program will focus on financial sector development, public financial management, further measures to reduce the energy sector’s quasifiscal losses, and improvements in the business climate. The main immediate risks to the outlook come from political pressures.
Keywords:
ISCR; CR; PRGF arrangement; PRGF loan; amount; PRGF-supported program; Kyrgyz authorities; state government; Currencies; Monetary base; Foreign assets; Central Asia