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Middle East and Central Asia > Kyrgyz Republic

You are looking at 1 - 10 of 52 items for :

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Cover Departmental Papers
A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia
Mr. Edward R Gemayel
,
Ms. Lorraine Ocampos
,
Matteo Ghilardi
, and
Mr. James Aylward
Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency adjustment, has helped the CCA mitigate the impact of the external shocks. However, amid weakening revenues, increased public spending has widened budget deficits, weakened external balances, and increased public debts. Fiscal policy and strengthening fiscal frameworks must play a central role in helping build buffers and ensuring debt sustainability while supporting growth. This requires (1) tightening fiscal policies to reduce deficits to help restore external balance and fiscal sustainability, (2) strengthening tax systems and tax collection and tilting expenditure toward a more productive and growth-enhancing composition, and (3) implementing public financial management reforms and strengthening fiscal institutions, including through fiscal rules.
Keywords:
DPPP; DP; CCA country; country; tax revenue; oil exporter; oil importer; Tajikistan share; Tajikistan's measure; increase revenue productivity; GDP ratio; commodity exporter; gross investment; Turkmenistan share; review taxation; Oil; Central Asia and the Caucasus
Cover IMF Working Papers
Identifying Structural Reform Gaps in Emerging Europe, the Caucasus, and Central Asia
Mr. Norbert Funke
,
Asel Isakova
, and
Maksym Ivanyna
Using data from the World Economic Forum’s Global Competitiveness Report as an example, this paper compares structural indicators for 25 countries in Emerging Europe, the Caucasus, and Central Asia with a generic country with similar charactersitics that is 40 percent richer as well as a country with the average EU income. This comparison suggests that improvements will be particularly crucial in the areas of institutions, financial market development, infrastructure, goods and labor market efficiency and areas related to innovation. For the generally more ambitious goal of reaching average EU income, the reform needs are correspondingly larger. The methodology focuses on (approximate) comparisons between countries and does not try to establish the link between structural reforms and growth. While we test for changes in empirical specifications, caveats relate to the quality of structural indicators, possible non-linearities, and reform complementarities. The approach can be applied to other indicators and at a more granular level.
Keywords:
WP; structural reforms; CESEE; Caucasus; Central Asia; reform gaps; country indicator k; ECA country; reform indicator; better-off country; country knowledge; Personal income; Labor markets; Financial sector development; Global financial crisis of 2008-2009; Global
Cover Policy Papers
FY2016 - FY2018 Medium-Term Budget
International Monetary Fund
For the net administrative budget, the FY 16–18 medium-term budget (MTB) proposal includes: In FY 16, an unchanged budget envelope in real terms, for the fourth year in a row. To accommodate new and ongoing strategic priorities of the Fund within a flat envelope, efforts to reallocate resources away from lower-priority activities and achieve efficiency gains were stepped up both at the departmental level and across the institution. Savings measures implying a reallocation of resources of close to 5 percent of the net administrative budget were identified through this process. The bulk of these savings would be used to help meet the new priorities highlighted in the Global Policy Agenda and in Management’s Key Goals, while preserving room at the departmental level to further reduce work pressures, phase in the new streamlining measures and, more generally, cope with business uncertainties and unanticipated demands. This robust prioritization effort implies difficult trade-offs and the willingness to cut lower-priority activities in order to create space for new initiatives. For FY 17–18, as a baseline assumption, a flat real budget envelope as well. Against the backdrop of a robust income position, the Fund’s medium-term budget formulation is guided primarily by considerations of prudence and credibility. The medium-term spending path will depend on new demands placed on the institution, and the scope for further reprioritization, and will be reassessed in the context of the FY 17–19 budget.
Keywords:
PP; right; PPM discussion; Fund; budget envelope; program review; Fund resource; staff paper; Budget planning and preparation; Personal income; Credit; Financial Sector Assessment Program; Global
Cover IMF Staff Country Reports
Kyrgyz Republic: Sixth Review Under the Three-Year Arrangement Under the Extended Credit Facility; Staff Report; and Press Release
International Monetary Fund. Middle East and Central Asia Dept.
EXECUTIVE SUMMARY Political context. On April 3, 2014, parliament approved a new government, led by Mr. Otorbaev, the new Prime Minister. The ministers of economy and finances kept their positions. Moreover, on May 7, 2014, a new chairperson was appointed for the National Bank of the Kyrgyz Republic (NBKR). No major changes in economic policies are expected. In February 2014, parliament approved a new deal with Centerra, ending a two-year dispute over the Kumtor gold mine. Background. In the first quarter, growth moderated to 5.6 percent (year-on-year) after the 2013 growth spike at 10.5 percent related to an unexpectedly high level of gold production. In the same period, inflation picked up slightly, owing to depreciation of the som in response to pressures from the depreciation of the Russian ruble and the devaluation of the Kazakh tenge. The NBKR intervened heavily to mitigate these pressures, but has recently rebuilt reserves to ensure a more comfortable level of over three months of imports. The current account is expected to deteriorate this year because of higher imports related to large public investments and FDI-financed infrastructure projects. Fiscal performance in 2013 was better than expected, with a deficit of 4 percent of GDP, but revenue headwinds call for a cautious budget in 2014. The medium-term outlook remains broadly favorable, provided prudent macroeconomic policies continue and are supported with structural reforms, including tax policy and administration reforms, public financial management (PFM) reforms, and implementation of FSAP recommendations, in particular the Banking Code. Program. The program is broadly on track, with all end-December 2013 quantitative performance criteria and all but one indicative targets (IT) met for end-December 2013. Although three March 2014 ITs were missed, since then there has been progress in rebuilding reserves and enhancing tax collections. The two structural benchmarks (SBs) for end-December were met, and the SB on signing the contract with one of the big four audit companies to audit the Debt Resolution Agency (DEBRA) is expected to be completed with delay. The remaining SB on introducing the Treasury Single Account (TSA) on a pilot basis was missed. Overall, the Kyrgyz authorities are completing a broadly successful three-year ECF arrangement, although further reforms will be needed to preserve and deepen the accomplishments. Despite occasional domestic political turmoil, the authorities have regained and maintained macroeconomic stability, consolidated the fiscal position, implemented a new monetary framework, and embarked on a comprehensive banking sector reform. The authorities have not yet expressed their intentions regarding a successor program.
Keywords:
ISCR; CR; government; ECF arrangement; Kyrgyz authorities; SDR
Cover IMF Staff Country Reports
Kyrgyz Republic: Kyrgyz Republic—Sixth Review Under the Three-Year Arrangement Under the Extended Credit Facility
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Kyrgyz Republic’s Sixth Review Under the Three-Year Arrangement Under the Extended Credit Facility. Following exceptionally strong performance in 2013, growth is moderating to a more sustainable pace. The program is broadly on track, with all end-December 2013 quantitative performance criteria and all but one indicative targets (IT) met for end-December 2013. Although three March 2014 ITs were missed, since then there has been progress in rebuilding reserves and enhancing tax collections. The two structural benchmarks for end-December were met. The IMF staff supports the completion of the sixth and final review.
Keywords:
ISCR; CR; government; ECF arrangement; Kyrgyz authorities; SDR; Kyrgyz government; state government; Kyrgyz portfolio; Kyrgyz program; private sector; bank resolution; Central Asia
Cover IMF Staff Country Reports
Kyrgyz Republic: 2013 Article IV Consultation and Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of a Performance Criterion, and Request for Modification of Performance Criteria—Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Kyrgyz Republic
International Monetary Fund. Middle East and Central Asia Dept.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Kyrgyz authorities; Kyrgyzstan; SDR; authority; IMF's executive board
Cover IMF Staff Country Reports
Kyrgyz Republic: 2013 Article IV Consultation and Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of a Performance Criterion, and Request for Modification of Performance Criteria—Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Kyrgyz Republic
International Monetary Fund. Middle East and Central Asia Dept.
The shift to a parliamentary democracy in 2010 provided an impetus for the Kyrgyz Republic to reform the economy. Despite the recent progress, the Kyrgyz Republic faces significant economic challenges, which will require actions on many fronts. Improving the business climate, governance, and institutions remains a key pillar of sustainable and inclusive growth. Restoring fiscal sustainability will be essential, as the budget has become more dependent on external assistance since the 2009 global and 2010 domestic crises. Tight monetary policy continues to be warranted to keep inflation at bay.
Keywords:
ISCR; CR; Kyrgyz authorities; Kyrgyzstan; SDR; authority; IMF's executive board; executive board's decision; state government; transmission mechanism; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Central Asia
Cover Policy Papers
Report on Fiscal Safeguards Pilots
International Monetary Fund
This paper reports on the results of a pilot exercise on fiscal safeguards conducted by the Fiscal Affairs Department (FAD) during FY2013. The exercise was launched following an independent review of the existing safeguards policy in 2010 in which many Directors encouraged staff to highlight fiscal safeguards risks in cases where a substantial portion of the resources provided by the Fund for balance of payments support is channeled to state treasuries for budget purposes. Pilot fiscal safeguards exercises were conducted for five countries: Antigua and Barbuda, Cyprus, Greece, Ireland, and Kyrgyz Republic.
Keywords:
PP; treasury; State treasury; funding; government; country; FAD PFM TA mission; audit institution; banking arrangement; PEFA assessment; fund staff; government bank accounts; TA engagement; Fiscal risks; Budget planning and preparation; Fiscal accounting and reporting; Auditing
Cover IMF Staff Country Reports
Kyrgyz Republic: Joint Staff Advisory Note on the Poverty Reduction Strategy Paper
International Monetary Fund. Middle East and Central Asia Dept.
The paper focuses on the workings of the Medium-Term Development Program (MTDP) of the Kyrgyz Republic. Raising living standards as well as taking measures for reducing poverty have been cited as the main priority areas of the strategy, and the measures to be undertaken to bring about improvements in these areas are highlighted. The report also throws light on the major objectives of MTDP’s three-year strategy during the period from 2012–14.
Keywords:
ISCR; CR; Medium-Term Development Program; government; governance; MTDP implementation; authorities' Medium-Term Development Program; government strategy; policy choice; scenario aim; government's MTDP; Poverty reduction; Public sector; Poverty reduction strategy; Global
Cover IMF Staff Country Reports
Kyrgyz Republic: Third Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Modification of Performance Criteria—Staff Report; Staff Supplement and Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Kyrgyz Republic.
International Monetary Fund. Middle East and Central Asia Dept.
The Kyrgyz Republic has stabilized with the formation of a new coalition, but political uncertainty remains. Despite a slump in gold production and delays in donor financing, monetary and fiscal policies remained prudent. Improving the business climate, good governance, and strong institutions remain key to sustaining strong growth over the medium term. Fiscal consolidation with strong revenue measures and prudent expenditure policies are instrumental in safeguarding macroeconomic stability. More forceful reform efforts are needed to ensure long-term viability of the banking sector.
Keywords:
ISCR; CR; Kyrgyz authorities; revenue shortfall; government's priority expenditure; staff appraisal; SDR; IMF's executive board; Anti-money laundering and combating the financing of terrorism (AML/CFT); Total expenditures; Global; Central Asia