Kyrgyz Republic: Report on the Observance of Standards and Codes (ROSC)—Data Module

This Report on the Observance of Standards and Codes (ROSC) provides an assessment of data dissemination practices against the IMF’s General Data Dissemination System (GDDS). It also assesses the data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS) requirements, focusing on coverage, periodicity, and timeliness. It also provides an assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics.

Abstract

This Report on the Observance of Standards and Codes (ROSC) provides an assessment of data dissemination practices against the IMF’s General Data Dissemination System (GDDS). It also assesses the data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS) requirements, focusing on coverage, periodicity, and timeliness. It also provides an assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics.

I. introduction

The National Statistical Committee (NSC), Ministry of Finance, National Bank of the Kyrgyz Republic, and State Commission on Securities Market under the Government of the Kyrgyz Republic agree with the content of the Report on Observation of Standards and Codes (ROSC)-Data module on Kyrgyz Republic and encourage report estimation according to which the practice of data dissemination in the Kyrgyz Republic with some exception meets more fully GDDS recommendations and the majority of SDDS requirements. Mission recommendations are aimed at the contribution for observation of SDDS requirements and international standards in statistics by Kyrgyz Republic.

National Statistical Committee’s letter sent to IMF Statistics Division confirms the obligation of Kyrgyz Republic to use SDDS for developing national system of economic and financial data compilation and dissemination. Activity on drawing up the metadata project according to SDDS has been launched from 2003.

The power of Mr. Kudabaev as the Chairman of NSC and SDDS National Coordinator from Kyrgyz Republic is approved.

Realization of activities on implementing mission recommendations was begun after the end of ROSC mission visit in November 2002. More detailed information about it is in the main sections of this document.

Ministries and authorities of the Kyrgyz Republic responded for the preparation of statistical information, expressing their (principal) consent to publish ROSC.

Publication of report on Kyrgyz Republic ROSC and joining to SDDS will be promoted to extend access to the timely provided and complete statistical data, providing transparency for their compilation and assisting in conduction of valid macroeconomic policy.

II. General Recommendations

To intensify transparency of statistical practice via the declaration of facts of providing to Government Bodies access to data before their issue and timeliness notification on forthcoming important changes in surveys, primary data and methods of data compilation.

NSC’s website has been established and is renewed regularly to provide availability, transparency and timeliness of submitting statistical information for society in general and to extend information exchange among internal and external users.

Since April 2003, express information on “Main indicators of social and economic development of the Kyrgyz Republic” is placed on NSC’s website monthly, in which GDP and CPI indicators are reflected in particular. It is in the day of submitting express information to the President’s Administration, the Government and other Ministries and Departments.

Data dissemination policy is based on the principle of transparency in planning access to data of NSC and its territorial services as well as to information on data, i.e., about their methodology, coverage, timeliness, publication schedule and dissemination, etc.

Annual catalog of the main statistical publications including more than 130 titles and their publication times is disseminated to users.

New section “Statistics Questions” has been opened on NSC website, in which methodological works, information on forthcoming important changes in surveys, primary data and methods of data compilation, list of more important future works, catalog of statistical information and services in English and brief summary of publications are placed.

“Methodological Provision on Statistics” has been published to provide transparency of methodology of collection, processing and formation of statistical indicators, regulation, systematization and improving statistical activity.

National Statistical Committee and National Bank of the Kyrgyz Republic publish scientific and information magazines as “Economy and Statistics,” “Bank Bulletin” containing information on sources, methods and procedures in Statistics.

Communication between official statistics and society in general is the preparation and dissemination in the mass media of information on the results of socio-economic situation in the country, on conducting international seminars and censuses. The NSC Chairman or his deputies hold press conferences. When these press conferences are held, press releases are prepared with the main statistical indicators on the current situation in the economy or information on other measures being carried out. Information publishing house “Kabar” provides periodically information space to publish the most important themes on the activity of Republic’s Statistical Service.

Timely information on future surveys, changes in methodological and publication activities planned for future development and, projects which will bring about important changes of methodology, concepts or data sources are implemented by the Statistical Work Program, which is sent annually to Ministries and Departments in the third quarter of previous year.

To expedite the activity on studying discrepancies between the main data systems of macroeconomic statistics.

In accordance with the Law of the Kyrgyz Republic on State Statistics, NSC implements methodological guidance through the development and introduction of indicators of state and departmental statistical reporting in the Republic, provides comparability of statistical data with international statistics, and coordinates the activity of Ministries and Departments in organizing statistical observations.

The study of discrepancies between the main data systems of macroeconomic statistics is realized on the basis of mutual cooperation and statistical information exchange.

Agreement on cooperation and information exchange between National Statistical Committee and State Customs Inspection has been concluded, and on its basis, State Customs Inspection sends to NSC database of cargo customs declarations for the further processing and summary data forming. National Statistical Committee submits data on registered and acting economic entities, on the territory of Republic.

Action plan on improving external goods and services trade statistics, state and private external debt, and balance of payment statistics has been developed by permanently acting republican interdepartmental task group including representatives of NSC, National Bank, Customs Service Department, and Ministry of Finance of the Kyrgyz Republic.

To increase the efficiency of solving current issues of data exchange and activity coordination on providing maximum extent of coherence between the main data systems of macroeconomic statistics, additions has been made to the agreement on Economic and Statistical Information Exchange, which foresees:

  • Activities in accordance with IMF data dissemination standards; and

  • Definition of the system of indicators necessary for precise functioning of two systems.

The agreement on cooperation between National Statistical Committee and State Commission on Architecture and Construction of the Kyrgyz Republic to calculate price indices in construction has been prepared and signed.

The Statute and the schedule of interaction of Common State Register of Statistical Units with departmental registers, which enables to update general population of statistical units for conducting surveys in a short period and with sufficient reliability, has been prepared and agreed.

To develop, implement and disseminate long-term output schedule for all remained data categories.

NSC has prepared schedule of data output on real sector, meeting SDDS requirements and containing precise dates of data output.

Times of all NSC publications are indicated in the annually developed Statistical Work Program, annual publication “Social and economic development of the Kyrgyz Republic” and other thematic publications, and the catalog of NSC publications.

Schedule of publications in Russian and English is placed on NSC website:

Brief schedule - http://www.stat.kg/Eng/Home/ARC.html

Complete schedule - http://www.stat.kg/Eng/Home/Rublications.html

To allocate more substantial resources, in particular, computer for the purposes of promoting statistical activity.

Financing from the state budget does not fully cover NSC requirements in terms of finance. In this context, NSC works actively with international organizations and in the framework of international cooperation gets technical assistance from different donors, as: European Union TACIS program, IMF, World Bank, UN Statistics Division, UNFPA, DFID, Swiss Government, GTZ, ADB.

At present, NSC implements more than ten international projects. NSC has received about 40 computers, seven printers and other peripheral equipment during 2002-2003.

To overview laws and normative legal acts in Statistics for increasing the efficiency of data collection and coordination of statistical activity, as well as data exchange between Departments responsible for their preparation.

It is supposed to overview the Statute of National Statistical Committee of the Kyrgyz Republic to increase the efficiency and coordination of statistical activity:

  • According to the Resolution of the Government of the Kyrgyz Republic, NSC coordinates the activity on developing the Common system of classification and coding of technical and economic, and social information.

  • According to the Resolution of the Government of the Kyrgyz Republic, the following rule is established: economic entities must use general identification code of enterprises, organizations and individual entrepreneurs in all recording, accounting, statistical, banking, customs, contractual and other documents. NSC and its territorial bodies give this Code.

  • According to the Law of the Kyrgyz Republic on State Statistics, the Chairman of NSC has the right to appoint and dismiss the heads of territorial offices of government statistics without consent of the heads of local authorities and local public administration.

  • According to the order of the President of the Kyrgyz Republic, any interference of Ministries, Departments, local authorities and local public administrations into the activity of government statistics bodies is excluded when powers on organization, running and methodology of accounting system and statistics in the Kyrgyz Republic are implemented by them.

  • In the framework of Statistical Work Program annually approved by the Government of the Kyrgyz Republic, implementation of statistical works by Ministries and Departments responsible for their preparation has been assigned officially. Precise times of works implementation and format of data submission have been determined. Survey questionnaires are developed and approved by National Statistical Committee.

To encourage the training in statistical methodology issues.

Training is a significant component of all long-term and current statistical programs and programs of international cooperation.

Constant training in modern methods and approaches at the regional and local levels presents joint personnel policy both for the central office and its territorial bodies and subordinate enterprises.

The program of professional development for specialists of the Natstatkom of the Kyrgyz Republic is developed to increase the effectiveness of work and to recruit high qualified staff, meeting the requirements of the development of state statistics.

During 2003, 63 trainings for 220 specialists of oblast and district statistical offices were conducted.

Under the international projects training courses in basic computer literacy, using program software and databases, adaptation of the system of statistical register, regional statistical indicators, preparing publications, and conducting integrated surveys were held.

The following seminars were held: sample designing, preparing and conducting surveys; social accounts matrix; innovative information technologies on processing and disseminating statistical information; STATA program software; econometrics; methodology of poverty line measurement and health statistics.

There are future plans for an advanced training for system programmers and specialists in the operating departments of the regional statistical bodies.

Forty-five members of staff participated in the abroad workshops, and they held 8 training courses at the republican and regional levels.

To analyze amendments to data with the purpose of finding the ways of improvement the statistical processes.

Under the program of statistical capacity building and with the purpose of improving statistical processes, methodology and statistics organization pilot sample surveys are conducted. According to the survey results indicators are cleared up, statistical lists are improved and disadvantages of the current methodology are detected.

Pilot surveys on investment statistics, labor force and agricultural statistics were conducted.

To institutionalize the formal instruments to know users opinion.

Marketing service is established. The development package plan is elaborated. Monitoring of users opinion and needs through the surveys and advertising the statistical information is one of the main items of this plan.

A user’s fund under the research library of the National Statistical Committee had been set up. It is planned to launch a new shop “Shop stat” that will directly work with users.

Agreements “On interaction and resource support of state statistical services” with the oblast and local authorities are prepared.

In September 2003 the statistical editions for ministries and subordinate enterprises, universities, state libraries, international organizations and companies were presented.

NSC took part in the Second International Bookfair in Almaty, Republic of Kazakhstan. Main annual and jubilee statistical publications of NSC were presented there.

Agreements on providing the statistical information both in electronic and hard copies to potential users have been signed.

To develop a dialogue and cooperation between producers and users of statistical information and increase the level of confidence in official statistics, the Statistical Society was created.

III. Special recommendations

A. National Accounts

Complete the conversion to the NACE-based classification (KCEA).

The National Statistical Committee has finished a pilot estimation of GDP by economic activity type on a discrete basis by production method for 2000–2002 and the first quarter of 2003. The “conversion” period took four years and has been finished to the beginning of 2003.

Annual “Input-output” tables, which are the basic part of SNA, have been developed by economic activity since 1996-2001. According to the results of 2001, the indicators of output and intermediary consumption, called “production accounts” and “fixed assets accounts” were calculated. Since 2002 all calculations (production accounts, income determination and capital transactions) have been made on the basis of NACE. Since January 1, 2003 state statistical service carries out all statistical works and interacts with users in accordance with the NACE.

Ensure the timely completion of the work to compile discrete quarterly estimates.

All forms of statistical reporting were revised for the timely completion of the work to compile discrete quarterly estimates. The program of statistical works of 2004 is enlarged with appropriate amendments.

Since January 1, 2004 all statistical indicators will be based on net quarters.

Within 2003, the National Statistical Committee of the Kyrgyz Republic made experimental calculations of quarter (discrete-based) GDP by types of economic activity:

  • at the production level for 2000-2002 and first quarter of 2003 at current and constant prices of 2000; and

  • at the level of spending incomes for the first quarter of 2003.

The results will be published in the special thematic publication on quarterly national accounts of the Kyrgyz Republic in the second half of the year.

Strengthen survey design and methodology, including questionnaire design, where applicable.

In April 2003 the work team, consisting of heads of the leading departments was established. This work team is aimed to take inventory and to improve all statistical lists. Statistical lists, characterizing business activity of enterprises, are improved with the accounting of requirements of business statistics. Lists, applied in statistics of Canada, were used in the process of improving.

To improve survey methodology and to increase the reliability and quality of indicators on agricultural statistics, the sample surveys of peasant (farm) households will be conducted on the basis of the household register. This register is compiled according to the results of the first agricultural census and pilot questionnaires.

The methodology and tools for conducting the census of trade enterprises, hotels and petrol stations were improved.

To enhance the quality and reliability of the statistical register the questionnaire for surveying the statistical units is elaborated.

To improve the quality of data on poverty line in the Republic and to achieve the best representation at the oblast level, sample surveys of households will be conducted quarterly.

It allows to enlarge the sample volume up to five thousand. Also items on labor force will be included. Additional questionnaires on employment and demographic characteristics were elaborated.

Because of the conversion to the international standards of bookkeeping, the National Statistical Committee in collaboration with ministries and state agencies began to elaborate unified forms of primary record.

Improve the method used to estimate taxes and subsidies at constant prices by using the relevant average rates of the base year at the product level.

At present time taxes and subsidies are estimated at constant prices by extrapolation and by multiplication of taxes (subsidies) of the previous year into physical volume index. Newly appeared taxes (subsidies) are not considered while estimating the prices of the previous period.

Improve the primary data, used for the quarterly estimations.

Forms used for estimating the output and intermediary consumption will be submitted by “net” quarters. In addition for checking statistical indicators, logical and arithmetical control is used. Wrong reports are returned to the responsible persons.

To obtain qualitative discrete data on taxes, a special form of reporting N°2 “Report on imputed and actual taxes and payments to budget from legal and physical bodies” was drafted. At present time this form is submitted for the approval to the Incomes Board of the Ministry of Finance of the Kyrgyz Republic.

Introduce time series analysis and seasonal adjustment techniques.

Submitting quarterly data of national accounts in the form of time-series is of great importance for analyzing the economic cycle. To compose time-series NSC estimated quarterly indicators of production accounts for 2000-2002 and the first quarter of 2003 at average prices of 2000. Also recalculations of data for 1998-1999 are made.

Members of NSC staff were trained and got appropriate acknowledgments for successfully fulfilling the work. IMF had provided the Program X-12. One needs to compose time-series (at least for five years) for introducing the method of seasonal adjustments. The assistance of IMF experts is needed.

Disseminate quarterly GDP by expenditure within 90 days after the reference quarter.

Preliminary estimations of GDP, calculated by expenditures method for first quarter, will be issued in the thematic publication on quarterly national accounts in Russian and English (fourth quarter of 2003). Dissemination of quarterly GDP by indicators of final consumption will be made within 90 days after the reference period.

Develop a new survey on quarterly inventory changes for small business in order to improve the estimation of GDP by expenditure on a quarterly basis.

The following items are included in the statistical reporting form 1-MII (quarterly) “Main indicators of small enterprise’s activity”: indicators of liquid (current) assets and tangible assets for the beginning and the end of reference period (production stocks, finished products, goods and work in process).

Since 2003, estimation of stocks by types of agricultural products on the basis of budget surveys of households will be made.

Improve data collection for the quarterly capital formation survey.

Quarterly indicators on consumption of fixed assets by types of economic activity (non-financial enterprises) will be included in the forms of statistical reporting.

B. Consumer Price Index and Producer Price Index

Improve the techniques used for applying quality adjustments to product prices in order to enhance the effectiveness of price measurement for the CPI and the PPI.

Using estimations of specialists, the following methods are designed: method of quality changes, method of searching for closely related articles. Adjustment for quality is made by the method of replacement and numerical correction of unvaried and multivariate regressions. The instruction on applying the adjustment methods to detect the change of goods quality is worked out.

Expand the industrial PPI collection coverage.

Coverage of data on industrial output, including small enterprises and private business, is expanded. PPI is calculated with the changed structure of weights. For the system of National Accounts, price indices dynamics for some years is compiled. By the end of the year, a database for export goods will be designed.

To appreciate adequacy of using weighting national scheme for collection regional CPIs. To introduce regional weights when the need arises.

On the basis of data on urban and rural population product expenditures weight structure for CPI was calculated. There is developed problem definition on improvement of CPI calculation algorithm including rural regions. By the end of 2004 there will be calculated and estimated CPI by the country including urban and rural households and CPI by urban households.

To study an effectiveness of reflecting nonobserved economy in CPI and PPI calculated in current prices and weights.

According to consumer market data, there was expanded a list of nonobserved economy goods and corrected consumer goods basket weights by the adjustment coefficient method.

To extend statistical coverage of Producer Price Index by including indices by agriculture, construction, transport and communication, which are already calculated.

There is made quarterly an observation of purchased building materials, products and structures prices in construction and calculation of investment price index and contract works volume index.

Extending CIP coverage is foreseen in actions of Statistics Development Program for 2005 after improving calculation of producer price index of industrial and constructional goods and approbating tariff index for communication services.

To extend statistical coverage of Producer Price Index for including export.

A sample of merchandise and services and basic industrial enterprises was made. An activity on creating a database of producer prices of industrial goods including export is carried out. An approbation of Producer Price Index of industrial goods will be made until the end of the year, and data on sales proceeds and shipped industrial products for internal and external consumption will be used as weights.

To study practical possibilities of extending CPI geographic coverage beyond urban households.

In the purpose of CPI coverage extending beyond urban households, NSC will make approbation of regional data collecting by the form No. 1 prices “Information on prices of agricultural products realized in markets.”

C. Monetary and Financial Statistics

For full application of GSFS (Guideline on State Finance Statistics) relating to assessment of financial instruments, a methodology of accounting nonnegotiable state securities was changed.

Regarding nonnegotiable securities accounts: according to the Common Agreement dated June 21, 2002 on regulation of financial relation between the Government and National Bank, there was signed an additional agreement at December 23, 2002. According to this additional agreement there was made a restructuring of nonmarket bonds of state restructured loans into state treasury bills. It came as a market instrument regulating national currency liquidity. Therefore a problem of classification and calculation of this security type was solved.

At the end of 2002 in the Kyrgyz Stock Exchange of the Kyrgyz Republic (KSE) there was introduced a new methodology of “Kyrgyz Securities Exchange” Closed Corporation on index calculation. Improving of methodology is connected with the changing of number of stocks, included in the list of the Kyrgyz Stock Exchange. State Commission on Securities Market is the secondary distributor of KSE index. KSE provides this index daily, usually at the end of the day.

For useful using of the methodology the work on the following directions is conducted: regrouping of the institutional entities of economy by sectors of economy, defining the separate financial instruments, and including accrued charges in the basic financial instrument while compiling monetary statistics.

Residence criterion instead of criterion of types of currencies for classification of transactions with foreign and national subjects should be used.

Change-over to residence criterion instead of criterion of types of currencies for classification of transactions with foreign and national subjects has been made.

Bring the timeliness of the analytical accounts of the NBKR (including a breakdown of claims on public and private sectors) into line with the SDDS requirements.

Regrouping of institutional entities by sectors of economy and changing of the structure of the analytical balance of NBKR is made.

Strengthen the measures to retain experienced monetary statistics compilers.

Staff members were trained during IMF seminars on the subject “Monetary and finance statistics.”

Disseminate longer data series on broad money and its components, credit aggregates and their components, and depository corporations’ foreign assets and liabilities, with a more detailed sectoral breakdown, and provide information on breaks in data series to the public.

Development of program software for compilation of monetary review and disposition of the longer data series on the NBKR’s website is included in long-term plans of data improvement.

D. Balance of Payments

Improve coverage of the private external debt, including establishing legal provisions to ensure effective data collection.

The National Bank of the Kyrgyz Republic designed new reporting forms on accounting the private obligations on external debt of the residents of the Kyrgyz Republic to ensure effective collection of data and coverage. New reporting forms on accounting the private obligations on external debt of the residents of the Kyrgyz Republic are approved by Decree of the National Statistical Committee No. 5 of May 26, 2003.

Disseminate international reserves data following the Data Template on International Reserves and Foreign Currency Liquidity in line with SDDS requirements.

For dissemination of data on international reserves and foreign currency liquidity, the data submitting template is developed. The named template is included in the monthly “Bulletin of NBKR.” Data on international reserves and foreign currency liquidity are available at NBKR’s website.

Strive to obtain consistency with other statistical datasets in the sectorization and classification of transactions for the financial account.

Comparison of data and checking their comparability between different departments of NBKR is held constantly.

Revise definition, classification, and valuation principles used in the current and financial accounts to ensure full adherence to the BPM5.

To revise definitions, classification and valuation principles used in the current and financial accounts in Balance of Payments accordingly to BPM5 the following actions are realized:

  • Specification and coverage of items (reserve assets, current assets account and external debt) of Balance of Payments is expanded;

  • Classification of specific balance of payments components is revised;

  • Valuation principles used in the current and financial accounts are revised; and

  • Within the frames of the technical assistance it is supposed to purchase the program software that will be useful while keeping external debt statistics by accrual method.

Introduce a more efficient data processing system for the State Customs Inspectorate and ensure that banks provide information on payment orders for high value transactions.

The elaboration of a special normative document, aimed at work with the commercial banks according to the system of operational account, is under consideration.

The project on modernization and automatization of tax bodies has been developed. The realization of this project will expedite the collecting and processing of the information.

Improve the survey form on inter-enterprise arrears to include information on financial instruments and write-offs of bad debts. Review survey instructions to increase the accuracy of the reported data.

Reporting forms on finance statistics of enterprises are enlarged. The indicators defining write-off of debts are included: expenditures on bad and doubtful debts, write-off of credit indebtedness into profit, and write-off of debit indebtedness into losses.

Current statistical reporting contains quarterly data on credit and debit indebtedness, stale debt and also on banks credits and loans, including data on foreign credits and loans, negotiated both without Government’s security and on its security. Annually the information on emergence of debit and credit indebtedness is published.

Statistical reporting forms of the National Bank of the Kyrgyz Republic for auditing the private external debt were approved by the Decree No. 5 of the Natstatcom of May 26, 2003. Form No-ND “Information on reorganization of private obligation” contains indicators, reflecting conversion and reorganization of enterprises debt.

E. Government Finance Statistics

Most of the recommendations of the ROSC mission on government finance statistics are related to statistical data dissemination in accordance with the Government Finance Statistics Manual of 2001. In this connection, the Ministry of Finance needs technical assistance to implement these recommendations.

Collect and compile quarterly data on financing (transactions and debt) directly from government records, and reconcile them with data from banks.

A Debt Management Division Team of Ministry of Finances works on collecting and compiling quarterly data on outstanding government debt.

Expedite work to remedy the discrepancy between deficit and financing data.

Since July 1, 2003 Central Treasury was entrusted with a definite function of Ministry of Finance’s Budget Department on current financing government budget expenditures according to the Decree on procedures of drawing up and approving financial plan of Government Budget Expenditures. Above Decree was approved by the Order of Ministry of Finance of the Kyrgyz Republic dated April 11, 2003, No. 121-II.

Disseminate consolidated 2003 statistics and quarterly discrete data on state finances classified on the basis of GSFS covering budget operations, Social Fund and State Investments Program operations.

Ministry of Finance faces some difficulties while following mission recommendations “to compile and disseminate consolidated state statistics according to classification based on the 2001 GSFS Methodology beginning from 2003.”

Currently accounting and reporting state finances are carried out on the basis of 1986 GFS (Government Finance Statistics), which foresees cash basis accounting. Transferring to 2001 GFS will change accounting and reporting systems by accrual method, which require modifications in some normative documents regulating expenditure and income parts of state budget and budget execution procedures.

Thereby within the framework of forthcoming modernization of Central Treasury of Ministry of Finance of the Kyrgyz Republic, it is foreseen a restructuring of the Treasury General Book and introduction of new plan of account which could be completely appropriate to 2001 GSFS. The conception of Treasury modernization includes module of expenditures operations, module of obligation and payment debt management, module of cash planning, etc. Treasury modernization will allow receiving the following results:

  • Receive daily precise real balance on current account (current account of Treasury in NBKR);

  • Receive daily and reliable information on current budget, that will be included in the Main Book of Treasury;

  • To exclude the technical opportunity of financing with the surplus of budget expenses at all levels; and

  • To restrict increasing of credit indebtedness of budget organizations.

Ministry of Finance made the first step in this direction. Since 2003 in the Central Treasury the departments of forecasting cash assets and sector of internal controls are established.

The Department of forecasting of cash assets will predict short- middle-, and long-term changes of cash flows and outflows. It will help to foresee imbalance of cash flows (balance deficit) at short- and middle-term periods and to recover the balance:

  • To stop entering into the commitments;

  • To revise prior expense items together with the budget agency;

  • To notify bodies which are in charge of collecting incomes of expediting the income mobilization; and

  • To coordinate governmental plans of the procurement of loan proceeds with the predictable imbalance in cash flows.

It will organize the process of monthly cash distribution by the Central Treasury and replace the current practice of daily resource allocation.

It is expected that the project of improvement of the Treasury will be realized within five years, beginning with the second half of the 2003.

Considering the above, the Ministry of Finance began to revise the plan of Treasury accounts accordingly with the requirements of Government Finance Statistics Manual of 2001.

In GFS system of 2001 two types of flows (transactions and other economic flows) are considered. The RGSF 2001 classification’s structure will become a basis for all embracing “plan of accounts” that includes transactions at all levels of public administration.

At the moment, monthly data on government budget execution are available at the website of the Ministry of Finance and in the quarterly bulletin of the Ministry of Finance. Government budget execution reflects transactions of the Social Security Fund and the program of government investments.

Disseminate data on outstanding debt classified according to GFSM 2001 methodology (by debt holder and instrument).

The Ministry of Finance acknowledges the necessity of publishing data on government debt on types of securities and their holders. But at the moment this information isn’t published due to the fact that the Ministry of Finance doesn’t have the complete data on shareholders of government securities. Ministry of Finance and the National Bank, who is the stockbroker of the Government, will discuss the problem of the publication.

In accordance with the initial version of IMF recommendations, Ministry of Finance has started the publication of data on government external debt with breakdown on currencies. Forecast of debt repayment for three years will be published at the end of the year.

Disseminate detailed metadata (e.g., main concepts, scope, classifications, basis of recording and data sources) in a single publication to provide a convenient point of reference for the user.

Within the frames of TACIS project “Regional statistical indicators” the system of regional statistical indicators and publication matrix had been developed. Publication matrix contains reference material on each indicator - statistical coverage, classifications and account.

Establish and document a timetable for conversion to GFSM 2001 methodology.

Continue to enhance the usefulness of the Quarterly Bulletin, e.g., by publishing statistics more in accordance with the GFSM 2001 framework.

The conception of modernization of the Treasury of the Kyrgyz Republic is elaborated. Above conception envisages the introduction of new information management system, restructuring of the Main Book of Treasury, using of new plan of treasury accounts, corresponding to Government Finance Statistics.