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Middle East and Central Asia > Kyrgyz Republic

You are looking at 1 - 10 of 21 items for :

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Cover Policy Papers
Catastrophe Containment and Relief Trust—Fourth Tranche of Debt Service Relief in The Context of The Covid-19 Pandemic and Approval of Additional Beneficiary Member Countries
International Monetary Fund
The paper provides brief updates for each CCRT-eligible country on its policy responses to the pandemic and on staff’s assessments of these policies, the use of resources freed up by debt service relief, and the implementation of governance safeguards commitments. The paper also provides an update on the financial situation of the CCRT. The generous support from 17 donor countries and the EU has mobilized SDR 609 million in new pledges since the onset of the pandemic.
Keywords:
debt service relief; CCRT country; fund engagement; CCRT debt relief; CCRT resource; Debt relief; Debt service; COVID-19; Balance of payments need; Global
Cover IMF Working Papers
Non-FDI Capital Inflows in Low-Income Developing Countries: Catching the Wave?
Mr. Antonio David
,
Carlos van Hombeeck
, and
Mr. Chris Papageorgiou
Low-income countries (LIDCs) are typically characterized by intermittent and very modest access to private external funding sources. Motivated by recent developments in private flows to LIDCs this paper makes two contributions: First, it constructs a new comprehensive dataset on gross private capital flows with special focus on non-FDI flows in LIDCs. Concentrating on LIDCs and more specifically on gross non-FDI private flows is intentionally aimed at closing a gap in existing datasets where country coverage of developing economies is limited mainly to emerging markets (EMs). Second, using the new data, it identifies several shifting patterns of gross non-FDI private inflows to LIDCs. A surprising fact emerges: since the mid 2000's periods of surges in gross non-FDI private inflows in LIDCs are broadly comparable to those of EMs. Moreover, while gross non-FDI inflows to LIDCs are on average much lower than those to EMs, we show that the LIDC top quartile gross non-FDI inflow is comparable to the EM median inflow and converging to the EM top quartile inflow.
Keywords:
WP; LIDCs + EMs; low-income developing countries; Gross Capital Flows; Surges; Low-Income Countries; Market Access; FDI inflow; inflows trend; LIDC database; FDI flow; benchmark LIDC sample; private inflow; inflows to LIDCs; WEO data; Capital inflows; Capital flows; Balance of payments statistics; Foreign direct investment; Global financial crisis of 2008-2009; Global
Cover IEO Annual Report 2013
IEO Annual Report 2013
International Monetary Fund. Independent Evaluation Office

Abstract

The Independent Evaluation Office (IEO) evaluation on International Reserves: IMF Concerns and Country Perspectives was discussed by the Board in December 2012. This evaluation examined the IMF’s analysis of the effect of reserves on the stability of the international monetary system and its advice on reserve adequacy assessments in the context of bilateral surveillance. In the multilateral context, the evaluation acknowledged the IMF’s broader work stream on the international monetary system but noted that this work had not sufficiently informed the analysis and recommendations regarding reserves. The IEO evaluation of The Role of the IMF as Trusted Advisor was discussed by the Board in February 2013. This evaluation found that perceptions of the IMF had improved, but that they varied markedly by region and country type. Recognizing that there will always be an inherent tension between the IMF’s roles as a global watchdog and as a trusted advisor to member country authorities, the evaluation report explored how the IMF could sustain the more positive image it had achieved in the aftermath of the recent global crisis. The evaluation found that among key challenges facing the IMF were improving the value added and relevance of IMF advice and overcoming the perception of a lack of even-handedness.

Keywords:
IEOR; IEO; evaluation; IMF concern; IEO evaluation; IMF performance; office of budget; discretionary budget; IMF-World Bank Spring Meetings; staff allocation; Fiscal consolidation; International reserves; Balance of payments need; Budget planning and preparation; Global; Sub-Saharan Africa; Caribbean; IEO work program; budget proposal; IEO budget; IMF surveillance; International monetary system; Poverty reduction strategy
Cover Policy Papers
Staff Guidance Note on the Fund’s Engagement with Countries in Fragile Situations
International Monetary Fund
This note aims to provide country teams with broad guidance on engagement with countries in fragile situations. The aim of the guidance note is to help staff maintain focus on issues specific to countries in fragile situations. While engagement should focus on the issues and principles laid out in the note, there is, of course, scope for staff to tailor engagement to country specific circumstances beyond proposed practices.
Keywords:
PP; country; The Fund; financing; policy; Fund country team
Cover IMF Working Papers
Armenia: An Assessment of the Real Exchange Rate and Competitiveness
Ms. Chunfang Yang
This paper uses a range of different methodologies to estimate the equilibrium real exchange rate in Armenia with both single-country and panel estimation techniques. We estimate a country specific autoregressive distributed lag model and then proceed with the estimation of a cointegrated panel consisting of transition economies in Europe and Central Asia. This addresses cross section dependence by using common correlated effects estimators. While our analysis focuses on Armenia, the methods are applicable to a large number of transition economies, and the paper thus provides an overview of methods that can be used to assess a country’s equilibrium exchange rate.
Keywords:
WP; exchange rate; price index; Equilibrium exchange rate; competitiveness; panel estimations; exchange rate appreciation; panel estimation; estimation result; CCE estimation methodology; exchange rate misalignment; CA norm; Real exchange rates; Exchange rates; Current account; Real effective exchange rates; Competition; Global
Cover IMF Staff Country Reports
Kyrgyz Republic: Request for Disbursement under the Rapid Credit Facility-Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Kyrgyz Republic
International Monetary Fund
The Kyrgyz government faces challenges of political turmoil and inter-ethnic flare-ups. The fiscal policy response to the economic crisis is appropriate, but there are limits to the expansion. The balances between revenue and expenditure choices as well as a shortfall in donor budget financing have to be maintained. Debt sustainability requires near and medium-term fiscal consolidation. Monetary policy has to support the post-crisis economic recovery while guarding against signs of exchange rate or inflation pressures. The emphasis on improving governance, transparency, and safeguards is commended.
Keywords:
ISCR; CR; disbursement under the Rapid Credit Facility; Kyrgyz authorities; wheat price increase; balance of payments pressure; staff statement; staff appraisal; Commercial banks; Loans; Credit; Asia and Pacific; Central Asia; Global
Cover IMF Working Papers
How Russia Affects the Neighborhood - Trade, Financial, and Remittance Channels
Jaime Espinosa-Bowen
,
Mr. Nadeem Ilahi
, and
Fahad Alturki
We test the extent to which growth in the 11 CIS countries (excluding Russia) was associated with developments in Russia, overall, as well as through the trade, financial and remittance channels over the last decade or so. The results point to the continued existence of economic links between the CIS countries and Russia, though these links may have altered since the 1998 crisis. Russia appears to influence regional growth mainly through the remittance channel and somewhat less so through the financial channel. There is a shrinking role of the trade (exports to Russia) channel. Russian growth shocks are associated with sizable effects on Belarus, Kazakhstan, Kyrgyz Republic, Tajikistan, and, to some extent, Georgia.
Keywords:
WP; CIS country; Russia; country; CIS GDP; CIS growth variation; CIS countries' export; remittance channel; remittances from Russia; Remittances; Real effective exchange rates; Current account balance; Oil prices; Current account; Europe; Global
Cover Policy Papers
Review of Access Policy in the Credit Tranches and Under the Extended Fund Facility and the Poverty Reduction and Growth Facility, and Exceptional Access Policy
International Monetary Fund
This paper reviews the Fund’s access policy under its main financing facilities in the General Resources Account (GRA) and under the Poverty Reduction and Growth Facility (PRGF). It responds to the Board’s request for a periodic review of the access policy, that is, the rules and practices that govern the amount of financing the Fund makes available to its members.
Keywords:
PP; fund resource; access policy; fund access; fund financing; fund policy; fund program; fund arrangement; fund engagement; Fund credit; undrawn funds; financing toolkit; concessional operation; Credit; Capital account crisis; Capital account; Liquidity; Emerging and frontier financial markets; Global
Cover Regional Economic Outlook, October 2007, Middle East and Central Asia
Regional Economic Outlook, October 2007, Middle East and Central Asia
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

The Middle East and Central Asia is undergoing a remarkable transformation driven by rapid GDP growth and high oil and non-oil commodity prices. The report presents common economic trends and reviews prospects and policies for the coming year in light of the global economic environment. This latest REO includes boxes treating both regional topics--such as growth in the Maghreb countries; developments in the oil markets; the boom in the GCC countries, and the impact of the recent global credit squeeze on the region--and country-specific reviews, of Kazakhstan, Armenia, Egypt, Pakistan, and the UAE.

Keywords:
REO; country authorities; country; low-income country; oil exporter; country datum; current account; broad money; State oil company; Oil; Emerging and frontier financial markets; Oil prices; Inflation; Current account surpluses; Middle East and Central Asia; Global; Maghreb; Brent crude; credit market; poverty rate; IMF staff estimate; consumer goods; heightened market volatility; market valuation; headline inflation; double digit oil GDP growth; emerging market country; federal funds rate; equity price
Cover IMF Working Papers
Weathering the Storm So Far: The Impact of the 2003–05 Oil Shock on Low-Income Countries
Mr. Helaway Tadesse
,
Mr. Mark W Lewis
,
Jörg Zeuner
,
Mr. James A John
,
Luzmaria Monasi
, and
Mr. Paolo Dudine
This paper examines the impact of the 2003-05 oil price increase on the balance of payments positions and IMF financing needs of low-income country oil importers. It finds that stronger exports reflecting favorable global conditions, a compression of oil import volumes due to the pass-through of world prices to domestic consumers, and a large increase in capital inflows helped low-income countries cope with the oil price shock. Preliminary data suggest that reductions in oil import volumes have not harmed growth. While fiscal balances generally improved, quasi-fiscal liabilities may be building. Lower demand for IMF assistance may reflect broader trends, but further oil price increases could put pressure on additional countries in 2006 and beyond.
Keywords:
WP; GDP; price; balance of payments; current account