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Middle East and Central Asia > Kyrgyz Republic

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Cover IMF Working Papers
Financial Development and Growth in the Caucasus and Central Asia
Mr. Tigran Poghosyan
This paper presents stylized facts on financial development in the CCA countries relative to their EM and LIC peers and assesses how financial development can boost growth in the CCA. Drawing on IMF’s multidimensional index of financial development, we find that CCA countries have made progress following the independence in early 1990s. However, the progress was uneven across the CCA, resulting in a divergence of financial development over time and mixed performance relative to EM and LIC peers. Financial institutions have progressed the most, while financial markets remain underdevelped in most CCA countries except Kazakhstan. In terms of sub-indicators of financial development, financial access has expanded markedly, while the depth of financial intermediation has remained largely shallow and efficiency of financial intermediation has fluctuated over time. Standard growth regressions suggest that CCA countries with relatively lower level of financial development have scope to boost annual growth rates between 0.5-2.5 percent by reaching the level of financial development of frontier CCA countries.
Keywords:
Caucasus and Central Asia; financial development; output growth; CCA country; financial markets market index; growth regression; LIC peer; growth in the Caucasus; Financial sector development; Stock markets; Financial statistics; Central Asia and the Caucasus; CCA economy; CCA LIC; CCA EM; financial institution index
Cover Departmental Papers
Macroprudential Policies to Enhance Financial Stability in the Caucasus and Central Asia
Padamja Khandelwal
,
Ezequiel Cabezon
,
Mr. Sanan Mirzayev
, and
Rayah Al-Farah
Limited economic diversification has made the economies of the Caucasus and Central Asia particularly vulnerable to external shocks. The economies in the region are heavily reliant on oil and mining exports as well as remittances. In some countries, tourism and capital flows also play a prominent role in aggregate economic activity.
Keywords:
Financial risks; financial supervision and regulation; macroprudential policy; credit cycles; CCA country; CCA economy; CCA contribution; economies of the Caucasus and Central Asia; credit downturn; banking sector crisis; credit cycle analysis methodology; Macroprudential policy; Credit; Credit gaps; Countercyclical capital buffers; Macroprudential policy instruments; Central Asia and the Caucasus
Cover Departmental Papers
Managing Financial Sector Risks from the COVID-19 Crisis in the Caucasus and Central Asia
Iulia Ruxandra Teodoru
and
Klakow Akepanidtaworn
The COVID-19 crisis raises the risk of renewed financial sector pressures in the Caucasus and Central Asia (CCA) region in the period ahead. Bank distress and its economic and fiscal fallout have been recurring features of many CCA countries, as seen after the global financial crisis and the 2014–15 oil price shock. Strong policy responses have delayed the full impact of the COVID crisis so far, but financial sector risks will increase once public support is phased out. If these risks are not preemptively addressed, banks’ ability to lend during the recovery phase could be impaired and there may be a need for costly public interventions, as in the past.
Keywords:
Financial risks; stress tests; financial supervision and regulation; CCA country; CCA banking systems; FX risk; CCA bank's capital adequacy ratios; FX-induced credit risk; Financial sector risk; Commercial banks; Credit risk; Nonperforming loans; Central Asia and the Caucasus
Cover Policy Papers
Use of Third-Party Indicators in Fund Reports
International Monetary Fund
Fund staff use indicators developed by other organizations as input into analysis in surveillance and, to a lesser extent, in program work. While the Fund has been able to rely on data and statistics provided by member countries and compiled internally, continued efforts to foster global economic and financial stability require staff to work with indicators drawn from numerous third-party compilers. These indicators of varied qualities are used to measure concepts such as business environment, competitiveness, and quality of governance. It is anticipated that staff will continue to draw on other institutions’ expertise and estimates. This practice is consistent with the Executive Board’s guidance in areas where internal expertise is lacking or limited. It also puts a premium on staff’s understanding of the third-party indicators (TPIs) used to add analytical value, avoid flawed conclusions and presentation, and support traction with the membership. This paper outlines a framework to promote best practice with respect to use of TPIs in Fund reports. The framework will apply to all documents that are subject to the Fund’s Transparency Policy. Staff are encouraged to follow similar guidelines for other Fund documents. It draws on lessons from the current practice in the Fund and other selected international organizations (IOs), and insights from the application of an adapted data quality assessment framework (DQAF) to a subset of TPIs commonly used by Fund staff. Common good practices across IOs include the emphasis on staff judgment, review, and consultation with stakeholders.
Keywords:
PP; third-party indicator; director; fund staff; indicator; staff effort; staff analysis; staff report; Data Quality Assessment Framework (DQAF); Business environment; Corruption; Global
Cover Departmental Papers
The Caucasus and Central Asia: Transitioning to Emerging Markets
International Monetary Fund. Middle East and Central Asia Dept.
The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.
Keywords:
CCA country; monetary policy; financial system; exchange rate; transmission mechanism; emerging market; natural resource; CCA IMF country team recommendation; banking sector; Financial sector; Infrastructure; Emerging and frontier financial markets; Global; Central Asia; East Asia; Central Asia and the Caucasus; Eastern Europe; Er-CCA country; CCA economy; CCA government; foreign direct investment; Natural resources
Cover Policy Papers
Kyrgyz Republic - Ex Post Assessment of Longer-Term Program Engagement
International Monetary Fund
This report reviews the Kyrgyz Republic’s economic performance under Fund-supported programs from early 2005 to mid-2010. Two Fund-supported programs are assessed: the March 2005 Poverty Reduction and Growth Facility (PRGF, which expired in May 2008), and the December 2008 Exogenous Shock Facility (ESF, which expired in June 2010). Earlier Fund-supported programs were discussed in the Kyrgyz Republic’s first Ex Post Assessment (EPA), which was completed in November 2004. The assessment does not cover performance under the Rapid Credit Facility (RCF), which was approved by the Executive Board on September 15, 2010.
Keywords:
PP; Kyrgyzstan; Kyrgyz authorities; government; ESF; Kyrgyz economy; Kyrgyz republic; financial crisis; broad money; growth performance; Kyrgyz growth; exchange rate; monetary policy; government operation; Kyrgyz Republic-corruption perception ndex; Energy sector; Financial sector; Global
Cover IMF Staff Country Reports
Kyrgyz Republic: Poverty Reduction Strategy Paper: Joint Staff Advisory Note
International Monetary Fund
This Joint Staff Advisory Note (JSAN) highlights the Poverty Reduction Strategy Paper–Country Development Strategy (PRSP–CDS) for the Kyrgyz Republic for 2007–10. The Kyrgyz authorities’ CDS for 2007–10 builds on the policy experience from the National Poverty Reduction Strategy (NPRS). This JSAN provides advice on key priorities for strengthening the strategy and promoting the effective implementation of CDS. It reviews poverty trends, macroeconomic and sectoral policies in support of the strategy, and the mechanisms for monitoring and evaluating progress.
Keywords:
ISCR; CR; government; CDS discussion; Kyrgyz authorities' Country Development Strategy; budget deficit; government apparatus; poverty reduction; labor market; implementation of the CDS; CDS' emphasis; transport policy; debt management; Credit default swap; Poverty reduction strategy; Business environment; Poverty reduction
Cover Japan Administered Account for Selected IMF Activities (JSA) -- Annual Report Fiscal Year 2003
Japan Administered Account for Selected IMF Activities (JSA) -- Annual Report Fiscal Year 2003
International Monetary Fund

Abstract

This paper discusses Fiscal Year 2003 Annual Report for Japan Administered Account for Selected IMF Activities (JSA). The report consists of a brief description of the IMF and its activities, with a particular focus on its technical assistance activities. It provides greater detail with regard to the JSA and the scholarship programs. It also describes the objectives, size and scope, and use with a focus on fiscal year 2003. The report highlights that in FY2003, JSA financing accounted for 18 percent of total IMF technical assistance, 33 percent of the assistance delivered in the field, and 66 percent of the total external financing.

Keywords:
MISC RPT; MISC; structural adjustment program; Japan's contribution; IMF's technical assistance; policy dialogue; IMF headquarters; Financial sector; Multilateral development institutions; Commercial banks; Fiscal reporting; Asia and Pacific; Central Asia; Africa; Global; Central and Eastern Europe
Cover IMF Survey
IMF Survey, Volume 32, Issue 11
International Monetary Fund. External Relations Dept.
Against a background of the continuing effects of the sharp declines in recent years in global equity markets, widening output gaps, and weak business and consumer confidence, concerns about deflation in both industrial and emerging market economies have mounted in recent months. With Japan already suffering from deflation and China and several other Asian economies experiencing deflationary pressures, the worry is that these could deepen and even spread more widely. Panelists at a May 29 IMF Economic Forum assessed the risks and debated appropriate policy responses, using a newly released staff report “Deflation: Determinants, Risks, and Policy Options,” as a springboard. The panel, moderated by Kenneth Rogoff (IMF Economic Counsellor and Director of the Research Department), comprised Laurence Ball (Professor of Economics, Johns Hopkins University), Manmohan S. Kumar (Advisor, IMF Research Department), Vincent Reinhart (Director of Monetary Affairs, U.S. Federal Reserve System Board of Governors), and Kim Schoenholtz (Chief Economist, Citigroup Global Markets). Panelists voiced varying degrees of concern about current risks, but all agreed that the best way to defeat deflation was to prevent it from setting in.
Keywords:
SV; IMF Approves; IMF Concludes; IMF managing director Notifies Executive Board; bank; IMF publication service; anticipating credit events using credit default; risk committee; market volatility; bank closure option; Inflation; Commercial banks; Deflation; Disinflation; Distressed institutions; Global; Middle East; Central and Eastern Europe; Eastern Europe; West Africa; Southeast Asia; Baltics
Cover IMF Survey
IMF Survey, Volume 32, Issue 04
International Monetary Fund. External Relations Dept.
When IMF Deputy Managing Director Eduardo Aninat traveled to Latin America in January, he proposed a three-pronged self-help agenda for the continent that internalizes the lessons learned from the recent spate of crises. What follows are updated excerpts from remarks given at conferences at the University of Viña del Mar in Chile and at the central bank in Lima, Peru.
Keywords:
SV; IMF publications catalog; IMF Concludes; IMF publication service; market; IMF survey; IMF's website; market reforms in transition economy; IMF treasurer's department; Emerging and frontier financial markets; Stock markets; Collective action clauses; Terrorism financing; Self-employment; Global; East Asia; Africa; Baltics; Central and Eastern Europe