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Middle East and Central Asia > Kyrgyz Republic

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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: Second Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Modification of Performance Criteria: Staff Report; and Press Release
International Monetary Fund
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; Three-Year arrangement; Three-Year; request; ECF arrangement; SDR
Cover IMF Staff Country Reports
Kyrgyz Republic: Second Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Modification of Performance Criteria: Staff Report; and Press Release
International Monetary Fund
This paper presents key findings of the Second Review for the Kyrgyz Republic under the Extended Credit Facility. Buoyant revenue collection and significant shortfalls in external financing led to a lower-than-programmed fiscal deficit for 2011. The overall health of the banking sector continued to improve but vulnerabilities remain. Strong adherence to the policies agreed under the IMF-supported program has played an important role in achieving economic recovery and macroeconomic stabilization. The fiscal stance for 2012 is appropriate and reflects pressing social and infrastructure development needs.
Keywords:
ISCR; CR; Three-Year arrangement; Three-Year; request; ECF arrangement; SDR; IMF's executive board; banking sector indicator; Kyrgyz authorities; Capital spending; Global
Cover IMF Staff Country Reports
Kyrgyz Republic: First Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Modification of Performance Criteria: Staff Report; Staff Statement and Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Kyrgyz Republic.
International Monetary Fund
The Kyrgyz Republic is emerging from a deep political crisis. In April 2010, a popular uprising toppled the previous regime and internal ethnic conflict in June 2010 exacerbated the already difficult political situation. The crisis has adversely affected economic activity and near-term growth prospects, straining the government’s financial position, which has been worsened further by critical reconciliation, recovery, and reconstruction needs. Continued growth in Russia and Kazakhstan, combined with high gold prices, contributed to an expansion in remittances and gold exports by 33 percent and 74 percent, respectively.
Keywords:
ISCR; CR; Three-Year arrangement; program adjustor; Three-Year; Kyrgyz authority; staff appraisal; program financing; Loans; Global
Cover IMF Staff Country Reports
Kyrgyz Republic: Report on Observance of Standards and Codes: Fiscal Transparency Module
International Monetary Fund
This report provides a reassessment of fiscal transparency practices in the Kyrgyz Republic against the requirements of the IMF Code of Good Practices on Fiscal Transparency. It gives a description of practice on the basis of discussions with the authorities and their responses to the fiscal transparency questionnaire. It also provides the details of a staff report on fiscal transparency in the Kyrgyz Republic, and includes an assessment of practices against the Guide on Resource Revenue Transparency.
Keywords:
ISCR; CR; IMF staff commentary; module; code; Reassessment Report on the observance; observance; fiscal transparency module; fund staff; practices in the Kyrgyz Republic; resource revenue transparency; Budget planning and preparation
Cover IMF Staff Country Reports
Kyrgyz Republic: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Modification of Quantitative Performance Criteria: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Kyrgyz Republic
International Monetary Fund
The paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for the Kyrgyz Republic. Output is rebounding and inflation remains subdued. However, most end-December 2006 and end-March 2007 structural benchmarks have been missed, partly because of political tensions that slowed the legislature. The 2007 program, which targets 6½ percent output growth and 5 percent inflation, caps the fiscal deficit at 3.1 percent of GDP and maintains a prudent monetary policy. The government plans to implement delayed structural measures under the program, and strengthen external debt management.
Keywords:
ISCR; CR; growth facility; Kyrgyz authorities; Three-Year arrangement; government; MDRI debt relief; government approval; Monetary base