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Middle East and Central Asia > Kyrgyz Republic

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Cover IMF Staff Country Reports
Kyrgyz Republic: Fourth and Fifth Reviews under the Three-Year Arrangements under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Kyrgyz Republic’s Fourth and Fifth Reviews Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria (PCs). Program performance has been mixed. All end-December 2016 and end-June 2017 quantitative PCs, and all but three indicative targets (ITs) were met. The December 2016 IT on tax revenue, the continuous IT on introducing new or renewing existing tax exemptions, and the June 2017 IT on reserve money were not observed. Six structural benchmarks were missed, of which five were proposed to be postponed or modified at the time of the fourth review. Resuming the reform agenda and pursuing consolidation efforts are essential to allow growth to reach its potential over the medium term.
Keywords:
ISCR; CR; Kyrgyz authorities; debt; government; deficit; NBKR independence; creating flow; executive board discussion Mr. Tao Zhang; import growth; private sector; Loans; Anti-money laundering and combating the financing of terrorism (AML/CFT); Central Asia
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-Press Release; Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses the Kyrgyz Republic’s Third Review under the Three-Year Arrangement under the Extended Credit Facility (ECF) and the Request for Modification of Performance Criteria (PCs). Program conditionality has been broadly met. All end-June 2016 quantitative PCs and indicative targets have been met. All but two structural benchmarks were met. The review of subsidies was not completed on time owing to limited capacity. The authorities are requesting modification of PCs to reflect the revised macroeconomic outlook and the availability of the fourth disbursement on completion of the review. The IMF staff supports completing the third review of the authorities' program under the ECF arrangement.
Keywords:
ISCR; CR; Kyrgyz authorities; real GDP; Kyrgyzstan; exchange rate; national bank of the Kyrgyz Republic; expenditure measure; Kyrgyz government; policy slippage; authorities' effort; Loans; Anti-money laundering and combating the financing of terrorism (AML/CFT); Central Asia
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-Press Release; Staff Report; and Statement by the Executive Director for the Kyrgyz Republic
International Monetary Fund. Monetary and Capital Markets Department
External shocks continue to shape both the outlook and policies. A weaker-than-expected external environment is hurting growth, straining the budget, and raising public debt and banking sector vulnerabilities. The authorities’ response to shocks has focused on exchange rate flexibility and unorthodox stimulus measures, although the budget deficit in 2015 was well within the program target. For 2016, the authorities are undertaking additional efforts to adhere to the program’s fiscal commitments. Financial sector vulnerabilities and risks are high and rising. Slow progress toward passing the Banking Law that aims to introduce a modern bank resolution system and increase the independence of the National Bank of the Kyrgyz Republic remains a concern. The change in the cabinet just six months after the elections underlines the fluidity of the country’s political situation.
Keywords:
ISCR; CR; Kyrgyz authorities; Kyrgyzstan; exchange rate depreciation; authority; SDR; national bank of the Kyrgyz Republic; disbursement of SDR; Kyrgyz economy; Kyrgyz government; Loans; Anti-money laundering and combating the financing of terrorism (AML/CFT); Central Asia; Global
Cover IMF Staff Country Reports
Kyrgyz Republic: Request for a Three-Year Arrangement Under the Extended Credit Facility
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses the Kyrgyz Republic’s Request for a Three-year Arrangement Under the Extended Credit Facility (ECF). Performance under the previous ECF arrangement, which expired last July, was good. Macroeconomic stability was restored, fiscal consolidation was stronger than planned, monetary policy was enhanced through a new interest rate-based framework, and supervision was strengthened in the financial sector. Although performance under the last ECF arrangement was good, new challenges have emerged, and some key reforms have yet to be implemented. The IMF staff supports the authorities’ request for a three-year arrangement under the ECF.
Keywords:
ISCR; CR; government; Kyrgyzstan; ECF arrangement; Kyrgyz authorities; debt management strategy; Extended Credit Facility arrangement; Kyrgyz government; development fund; Credit; Anti-money laundering and combating the financing of terrorism (AML/CFT); Central Asia; Europe
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 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
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 Policy Papers
Report of the Managing Director to the International Monetary and Financial Committee (IMFC) on the IMF's Policy Agenda
International Monetary Fund
NULL
Keywords:
PP; country; The Fund; policy advice; country policy intention document; bullet; Fund arrangement; PRSP process; country circumstances; low-income country; core area; a number of transition country; liquidity position; debt relief; Fund involvement; Fund program; Financial Sector Assessment Program; Anti-money laundering and combating the financing of terrorism (AML/CFT); Poverty reduction strategy; Global
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