Kyrgyz Republic: Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility—Informational Annex

The Poverty Reduction and Growth Facility (PRGF) arrangement approved in February 2005 has aimed to preserve solid growth while maintaining low inflation, further reduce poverty, and tackling the Kyrgyz Republic's large external debt overhang. The March 2005 'Tulip Revolution' has provided an opportunity to advance reforms, particularly in the area of governance, but lingering political tensions slowed progress. The political turmoil adversely has affected growth, but inflation remained low until recently. The political difficulties also slowed efforts to improve the business environment, although some progress has been made.


The Poverty Reduction and Growth Facility (PRGF) arrangement approved in February 2005 has aimed to preserve solid growth while maintaining low inflation, further reduce poverty, and tackling the Kyrgyz Republic's large external debt overhang. The March 2005 'Tulip Revolution' has provided an opportunity to advance reforms, particularly in the area of governance, but lingering political tensions slowed progress. The political turmoil adversely has affected growth, but inflation remained low until recently. The political difficulties also slowed efforts to improve the business environment, although some progress has been made.

Annex I. Kyrgyz Republic—Relations with the Fund

(As of March 31, 2008)

I. Membership Status: Joined: 05/08/1992; Article VIII

II. General Resources Account

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III. SDR Department

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IV. Outstanding Purchases and Loans

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V. Latest Financial Arrangements

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VI. Projected Payments to Fund

(SDR million; based on existing use of resources and present holdings of SDRs)

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VII. Status of HIPC and MDRI Assistance

The Executive Board considered the preliminary HIPC document on October 13, 2006. However, in 2007, the authorities have decided not to avail themselves of HIPC and MDRI assistance. The updated LIC DSA shows that the Kyrgyz Republic does not qualify for HIPC debt relief.

VIII. Safeguards Assessments

Under the Fund’s safeguards assessment policy, the National Bank of the Kyrgyz Republic (NBKR) is subject to an assessment with respect to the PRGF arrangement, which was approved on March 15, 2005. An updated safeguards assessment of the NBKR was completed on October 14, 2005. The assessment found that the NBKR’s safeguards framework has been strengthened since the previous assessment completed in 2002. However, a number of areas were identified where further steps would solidify the progress achieved, which include improving oversight of the audit processes and the internal control systems by establishing an audit committee, strengthening the legal framework for NBKR’s autonomy, and enhancing the NBKR’s internal audit function.

IX. Exchange Rate Arrangements

The currency of the Kyrgyz Republic has been the som (100 tyiyn = 1 som) since May 15, 1993. Effective March 1, 2007, the exchange rate arrangement has been reclassified to a conventional pegged arrangement from managed floating with no predetermined path for the exchange rate. During September – November, 2007 the som appreciated by about 10 percent against the U.S. dollar. Thus, effective October 1, 2007, the exchange rate arrangement has been reclassified to managed floating with no predetermined path for the exchange rate. The NBKR publishes daily the exchange rate of the som in terms of the U.S. dollar, which is determined in the interbank foreign exchange market. The Kyrgyz Republic maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions, except for exchange restrictions maintained for security reasons relating to the restriction of financial transactions and the freeze of accounts of certain individuals or organizations associated with terrorism pursuant to (i) relevant UN Security Council resolutions and (ii) the list of current terrorist organizations designated by the U.S. Secretary of State. The authorities have notified these measures to the Fund pursuant to Executive Board decision No. 144-(52/51) in May 2007 (see EBD/07/96, 9/7/07 and EBD/04/129, 11/19/04).

X. Article IV Consultations

The Kyrgyz Republic is on the 24-month consultation cycle. The last Article IV consultation discussions were held in August 2006 and were completed by the Executive Board in November 2006 (see Country Report No. 07/135).

XI. FSAP Participation and ROSC Assessment

An FSAP update mission in October 2006 reviewed progress since the 2002 assessment, and the Board considered the Financial System Stability Assessment (FSSA) along with the 4th PRGF review in May 2007. A fiscal ROSC mission was held in March 2001 and the ROSC Fiscal Transparency Module was published on March 13, 2002. A data ROSC mission was held in November 2002 and the ROSC Data Module was published in November 2003. A fiscal ROSC reassessment was held in September 2007.

XII. Resident Representative

The seventh resident representative of the Fund in the Kyrgyz Republic, Mr. McHugh, took up his post in Bishkek in late September 2006.

Annex II. Kyrgyz Republic—Relations with the World Bank Group

(As of April 2008)

1. The new Joint Country Support Strategy (JCSS) covering FY07–10 was approved by the Board on June 19, 2007. The WB Country team jointly with four development partners (ADB, DFID, SWISS, and UN Agencies) developed JCSS to support implementation of the Country Development Strategy. The JCSS is closely aligned with the Government’s development goals. The strategic choices agreed among the development partners are: (i) focus on areas where support for reforms is already embedded; (ii) mitigate risks associated with high indebtedness and growth volatility; (iii) focus on basic reforms, as opposed to complex operations; and (iv) focus on economic and sector work and capacity building.

2. The World Bank Group Program within JCSS. The WBG program contributes to the strategic goals outlined in the JCSS, with a particular focus on supporting the Government’s efforts to improve the environment for business and economic growth and improve the quality of and access to basic services (health, education, water and sanitation). The WBG strategy emphasizes greater selectivity given the limited IDA resources and limitations placed on the Government’s own public investment program. Building on lessons learned, and in line with the principles of the JCSS, the Bank Program will build on successful results achieved in first generation projects, target activities where the Bank can show visible results to the population, and leverage our lending and analytical work to attract financing from other development partners. The proposed annual allocation for the Kyrgyz Republic under JCSS 2007–2010 is about $30 million U.S. dollars.

3. International Development Association (IDA): As of March 31, 2008 the active World Bank portfolio comprise of 19 operations with total commitments of US$ 230.1, of which US$ 127.2 million (55.3 percent) remains to be disbursed. One over aged project—Power & District Heating Rehabilitation Project was closed in FY 08. The most recently approved new project was the Bishkek and Osh Urban Infrastructure project ($12 million) in March 2008. Two more new projects—Agricultural Investments and Services and Environmental Management and Capacity Building Project are planned for FY 08. In addition to the country specific operations, the government also benefits from the regional HIV/AIDS project.

4. International Finance Corporation (IFC) Program and Portfolio. Since becoming a member of IFC in 1993, the Kyrgyz Republic has received commitments totaling nearly US$65 million from IFC’s own funds to finance twelve projects in the financial, oil and gas, food and beverage, and pulp and paper sectors. The committed IFC portfolio as of March 1, 2008 stands at $16 million, with $11 million disbursed. The largest investment in the existing portfolio was the Kumtor Gold Mine, with further investments in packaging plants “Altyn-Ajydar” and “Magic Box,” pasta plant “Akun,” financial sector projects Demirbank, KICB, FINCA, and Bai-Tushum. Under the framework of MSEF joint project with EBRD, IFC has provided credit lines to local banks as AKB Kyrgyzstan, Ineximbank and Kazcommertsbank.

5. IFC has completed 14 technical assistance projects in the areas of: (i) institutional and capacity building in the financial sectors including leasing; microfinance; (ii) creating favorable business environment for SME; (iii) improving investment climate; and (iv) developing capacity building for tourism. IFC PEP Central Asian Primary Market Development Project was launched in 2005, and the second phase of IFC PEP Central Asian Regional Leasing Project was started. In November 2007, IFC PEP Central Asian Regional Project on Corporate Governance was opened in Bishkek to improve corporate governance in enterprises of the Republic.

6. Multilateral Investment Guarantee Agency (MIGA) has supported private sector development in the Kyrgyz Republic by extending guarantees to foreign direct investments in four projects in the manufacturing, services, and mining sectors. MIGA’s current portfolio consists of two projects, financed by Austrian and Italian investors, in support of the country’s services sector. The combined gross exposure from these projects is US$14.8 million. Two claims have been filed relating to projects guaranteed by MIGA. One of them is the Kyrgyz Airlines project in which the Government of the Kyrgyz Republic cancelled the airline’s license to operate, alleging that the investor breached material obligations under the license agreement. The second dispute relates to the Manas Management Company project which handles the catering and cargo operations of the Manas International Airport in Bishkek. MIGA is seeking to settle the dispute through mediation, and is in close contact with both the Kyrgyz authorities and the investors for this purpose. Recently, settlement agreement was signed by two parties. The case was withdrawn from arbitration court in London. The total amount of foreign direct investment facilitated by MIGA guarantees is over US$360 million. At present, there are no projects involving the Kyrgyz Republic in MIGA’s FY08 pipeline.

World Bank contacts:

Roland Clarke (, Sr. Country Economist. Phone No. (7-7272) 980580

Dinara Djoldosheva (, Sr. Country Officer. Phone No. (996312) 610650

Annex III. Kyrgyz Republic—Relations with the Asian Development Bank (ADB)

(As of March 31, 2008)

1. ADB has been the second largest development partner in the Kyrgyz Republic since its joining in 1994. The current Joint Country Support Strategy (JCSS) for the period 2007–10 was prepared by ADB together with the United Kingdom’s Department for International Development, Swiss Cooperation, United Nations agencies, and the World Bank Group. The priority areas for JCSS are identified as its main pillars: (i) promoting private sector and economic growth, (ii) good governance and reducing corruption, and (iii) improving health, education and other social services.

2. In line with the Government’s own 2007–10 Country Development Strategy, ADB’s future program will focus on (i) promoting economic management consistent with strong and sustained pro-poor growth; (ii) improving governance; promoting effective public administration and reducing corruption; (iii) building sustainable human and social capital; and (iv) ensuring environmental sustainability and natural resources management. It will be premised on ensuring environmental sustainability, private sector development, and regional cooperation.

3. As of 31 March 2008, the country has received 26 loans worth $603.5 million and 5 ADF grants worth $66.1 million. Seven out of 26 loans are program loans totaling $199.5 million provided to support policy reforms to facilitate the transition to a market economy. The remaining 19 project loans and grants (worth $470.1 million) were provided to support various investment activities. At present, 7 loans and 5 grants with approved amount of $219.4 million are ongoing. These loans and grants have an un-disbursed balance of $140.5 million as of March 31, 2008. All assistance provided to the Kyrgyz Republic is from concessional ADB’s special fund resources—Asian Development Fund (ADF). The Kyrgyz Republic has also received 7 grants from Japan Fund for Poverty Reduction (JFPR grants) amounting to $7 million. The transport and communications sectors account for the largest share of ADB assistance, followed by the multisector, and law, economics and public policy.

4. In addition to loans and grants, ADB had provided 68 technical assistance (TA) projects amounting to $39.7 million as of today. Of these, 19 are project preparatory TAs amounting to $12.7 million and the remaining 49 TAs for $27 million are advisory TAs for capacity building, policy advice, institutional strengthening and training.

5. The performance of ADB’s portfolio is generally satisfactory with no loan rated at risk. The scarcity of budgetary resources, and ceilings on the externally funded PIP constituted the biggest risks to the country portfolio. ADB and the World Bank have thus sought the removal of quarterly disbursement ceilings, which delay project implementation. In August 2005, IMF agreed to be more flexible in determining annual targets for the PIP, which is expected to improve portfolio performance.

6. ADB’s annual lending began with $40 million in 1994 and reached the peak level of $89 million in 1997. Thereafter, lending declined as the Government’s debt reduction strategy limited the size of its externally funded PIP to about 3 percent of GDP.

7. Since 2005, up to 50 percent of ADF assistance to the country was provided in the form of grants in view of the heavy external indebtedness of the country. In September 2007, the new grants framework was approved by ADB’s Board of Directors, which enables the Kyrgyz Republic to receive 100 percent of its annual ADF allocation in grants. Access to grants will depend on the county’s debt repayment capacity, which will need to be assessed periodically. The allocation for the block of two years 2007–08 is determined at $44 million.

8. The Kyrgyz Republic was selected as one of the pilot countries during the February 2003 Rome Conference on Harmonization. Since then key development partners have learned to better coordinate and harmonize procurement procedures, oversee financial management and monitoring, share project implementation units, and conduct joint country portfolio reviews. The JCSS for the Kyrgyz Republic has been prepared by five funding agencies. Kyrgyz Resident Mission participated actively in the harmonization working group and contributed to the development of the National Action Plan for Harmonization which was approved by the Government in February 2005. The areas identified for harmonization in the immediate future are: (a) procedures for procurement of goods and services; (b) financial management and monitoring of projects; and (c) project implementation units. World Bank and ADB procurement documentation has been harmonized in these areas.

9. ADB cooperates extensively with civil society organizations in the Kyrgyz Republic to strengthen the effectiveness, quality, and sustainability of the services it provides.

Annex IV. Kyrgyz Republic—Relations with the European Bank for Reconstruction and Development (EBRD)

(As of April 1, 2008)

1. The EBRD facilitates the transition to a market-based economy through its direct support for private sector investment and key infrastructure, and targeted technical assistance. Under the Early Transition Countries’ Initiative (ETCI) introduced in 2005, the Bank is able to more innovatively respond to the Kyrgyz economic requirements. Therefore, the Bank is considering smaller, “more challenging” projects. Under the ETCI, the Bank also provides technical cooperation (TC) in support of investment development.

2. In accordance with the Strategy for the Kyrgyz Republic approved in June 2007, the Bank’s priorities are: (a) fostering the private sector; (b) strengthening the financial sector; (c) support for critical infrastructure; and (d) policy dialogue to improve the investment climate and support reform efforts.

3. As of April 2008, the Bank had approved 59 investment projects (including restructurings) with total financing of €769 million. The Bank has provided more than €202 million of this amount.

4. During the past three years, the Bank expanded its activities in the financial sector including the following:

  • With an objective to develop dynamic micro, small and medium-sized enterprises, the Bank has been trying to strengthen the financial sector by investing and lending to stronger local financial institutions and encouraging co-investment.

  • The Bank works with seven partner banks and also with four nonbanking institutions—Bai-Tushum, FINCA, Kompanion and Frontiers.

  • In 2007, the Bank has signed $4 million with three non-bank’ institutions Frontiers, Bai-Tushum, and Kompanion. And

  • In 2007, the Bank has approved $40 million in support of the Bank’s Financial Sector Strategy for the Kyrgyz Republic which aims to strengthen the sector by addressing identified gaps and weaknesses and promoting best practice. The project will support development of the private enterprises and banking sector in the Kyrgyz Republic by increasing medium- and long-term financing to the productive sector of the economy through local banks. In 2007, under this project KICB received $3 million credit line for lending to small and medium sized enterprises and $2 million loan for mortgage financing. The SME credit line is used to finance local enterprises in the tourism sector and related services. The mortgage loan is used for financing residential mortgages.

  • Equity investments in DKIB and KICB.

  • Expansion of Trade Facilitation Program (TFP). Four banks are participants in the TFP.

Other major investments by the Bank during its operations in KR include:

  • $20 million loan and $10 million sub debt, since converted into $17 million equity participation in Centerra Gold (the Bank’s senior loan have been fully repaid).

  • Loan to Hyatt-Regency Hotel, $6.3 million in 1997.

  • Loan to Interglass plant, $6 million in 2004.

  • Loan to Limatex (cotton-processing plant in Djalal-Abad), $1 million in 2005.

  • Loan to Karven Four Seasons (resort on Issyk–Kul Lake), $3.8 million in 2006.

  • Loan to Orion Hotel (hotel and business centre in Bishkek), $4 million in 2007.

The Bank provided the Kyrgyz Republic with sovereign guaranteed loans in the past and continues to monitor the development of key infrastructure projects in the public sector. The Bank is currently working with the Government for the possible EBRD financing of selected transport and municipal environmental infrastructure projects to be blended with concessional financing from other IFIs and bilateral donors. The Bank is also considering the possible non sovereign financing for airports, telecoms, gas pipeline projects to be financed on a commercial basis.

5. The Bank also implements grant-funded TC in support of investment projects, including the following ones in the FI (including MSFF consultants among others), natural resources/environment, agribusiness and infrastructure sectors:

  • In telecoms, to advise on key reforms, including intercapacity access arrangements;

  • Training for judges in commercial law;

  • Business Advisory Service and Turn Around Management programs, providing consulting services to viable businesses.

6. The Bank actively promotes policy dialogue and implements selected TC activities to improve the business climate. The Bank supported the creation of an Investment Council to ensure high-level policy dialogue between the government and business community. ETC Fund resources ensures professional management of the Council, and the Bank participates in the process together with domestic and foreign private investors as well as other donors.

Annex V. Kyrgyz Republic—Technical Assistance Provided by the Fund

February 2003–April 2008

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Annex VI. Kyrgyz Republic—Statistical Issues

General framework

1. Data provision is adequate for surveillance. The three institutions responsible for collecting, compiling and disseminating macroeconomic statistics—the National Statistics Committee (NSC), the ministry of economy and finance (MOF), and the National Bank of the Kyrgyz Republic (NBKR)—have legal and institutional environments that support statistical quality, and their respective staff are well-versed in current methodologies. Unlike staff resources, however, computer and financial resources are generally not commensurate with current needs and therefore constrain statistical development, especially for the NSC.

2. The NSC maintains a comprehensive and regularly updated website with data that largely incorporate international methodological recommendations with adequate coverage and timeliness ( In February 2004, following improvements in compilation and dissemination of the reserves template and external debt data, the Kyrgyz Republic subscribed to the SDDS.

3. A data ROSC mission in November 2002 concluded that the quality of the macroeconomic statistics had improved significantly in the last few years. The authorities had established a good track record of implementing recommendations of past technical assistance and had demonstrated commitment to pursue plans and programs to further improve their statistics. The mission recommended that a program of regular intersectoral consistency checks be introduced to reduce the sometimes significant unexplained discrepancies between the government finance, monetary, and balance of payments datasets. The authorities’ response to the data ROSC (posted on the IMF website ( includes an update on the status of implementation of the ROSC recommendations.

National accounts

4. In general, dissemination of national accounts statistics is timely. Technical assistance has been received from the IMF, EUROSTAT, OECD, the World Bank, and bilateral donors. While significant progress has been made in improving the national accounts estimation process, problems persist regarding the quality of the source data, due mainly to excessively tight collection deadlines associated with the release schedule. Efforts are needed to improve the quality of the source data for quarterly GDP estimates. Moreover, subannual national accounts are still prepared on a cumulative basis rather than by discrete time periods. Difficulties also remain in properly estimating the degree of underreporting, especially in the private sector. To improve the coverage and reliability of primary data, work has been undertaken to introduce sampling procedures. Improved sampling procedures have been adopted for household surveys and new report forms have been introduced for the enterprise survey. The NSC has established a division of sample surveys, which would assist in improving the sampling techniques.

Prices, wages, and employment

5. The concepts and definitions used in the consumer price index (CPI), which has been published since January 1995, are broadly consistent with international standards. The price index covers all urban resident households of all sizes and income levels, but needs to cover rural households, which comprise the majority of the population.

6. The producer price index (PPI), which has been published since October 1996, is compiled broadly in accordance with international standards, although its coverage needs to be improved. The coverage of the PPI was broadened in May 1997 and is expected to be further expanded in the coming years.

7. Progress has been made in computing unit value indices for imports and exports. Work continues with regard to computation of these indices using a standard index presentation and the development of an export price index. However, problems in customs administration have led to incomplete coverage of trade and the lack of an appropriate valuation system. Moreover, the data processed by customs have suffered due to the use of an outdated computer software system.

8. Problems exist in the compilation of the average wage, especially with respect to the valuation of payments in kind and the coverage of the private sector. Monthly and annual data are not comparable because of different coverage and classifications. These problems extend to employment data as well. The coverage of unemployment includes an estimate of unregistered unemployed.

Fiscal accounts

9. The scope of central government statistics falls short of international standards because it excludes data for the Social Fund and the externally financed Public Investment Program (these data are published separately). Other limitations involve the exclusion of financial transactions with domestic banks and the discrepancies between the deficit and financing data. While revenue and expenditure data generally accord with the GFSM 1986, there are misclassifications in both categories (for example, some nontax revenues are classified as taxes, and certain expenditure items are misclassified in the budget and treasury accounts). Monthly GFS data are reported to STA for publication in the IFS; the latest data reported for publication in the GFS Yearbook were for 2006, and covered general government and its subsectors; the data were compiled using the GFSM 2001 analytical framework.

10. The provision of data on public external debt service has improved. Data on actual debt service, guaranteed debt service, outstanding debt and revised debt projections, are provided on a monthly basis. The quality (including timeliness) of external debt data is adequate. The External Debt Division of the MOF is now solely responsible for monitoring external debt, and has benefited from on-site training provided by a Swiss-financed long-term consultant and the computerization of its database.

Monetary sector

11. The 2002 data ROSC mission found that: (a) the residency criterion was not uniformly applied, as the currency denomination was used to classify some transactions with foreign and domestic units; (b) deposits with banks in liquidation were included in broad money; and (c) source data did not provide sufficient information for a more detailed sectoral breakdown (e.g., subsectorization of nonbank institutions as recommended in the Monetary and Financial Statistics Manual (MFSM)).

12. An STA mission on monetary and financial statistics visited Bishkek during April 27–May 11, 2004 to (a) follow up on the implementation of the data ROSC mission’s recommendations; (b) expand the institutional coverage of the broad money survey; and (c) assist the NBKR in implementing the methodology spelled out in the MFSM. It found that the NBKR had made substantial progress in implementing ROSC recommendations pertaining to monetary statistics. To address the outstanding issues, the mission further recommended that the NBKR (a) improve the basic source data to allow for proper classification of the transactions with foreign and domestic units; (b) fully implement the MFSM’s methodology concerning accrual accounting; (c) exclude deposits with banks in liquidation from monetary aggregates and classify them as restricted deposits; and (d) set up a working group to follow up on consistency between monetary and balance of payments statistics. The mission also recommended expanding the current broad money survey to include the accounts of credit unions and microfinance companies.

13. Monetary data have been reported electronically to STA using Standardized Report Forms (SRFs). STA identified classification issues in the reported SRF data, which were communicated to the authorities. The data will be published in IFS and IFS Monetary and Financial Statistics Supplement as soon as these issues are resolved.

External sector

14. Data on the balance of payments and international investment position are compiled and disseminated on a quarterly basis. The 2002 data ROSC mission noted that the compilation of balance of payments statistics broadly follows the methodology recommended in the Balance of Payments Manual, Fifth Edition (BPM5). The NBKR has good arrangements with other agencies to ensure timely data flow. However, because of legal issues related to secrecy provisions, high value transactions cannot be verified with respondents, limiting the ability to cross-check the accuracy of data. Although the data collection program has been expanded in the recent past, coverage deficiencies remain with respect to trade, services, and foreign direct investment. The NBKR enterprise surveys lack an up-to-date register and have inadequate coverage of enterprises, particularly those in free economic zones. There is also a need to improve compilation procedures for achieving temporal consistency of data, and investigating and reconciling discrepancies.

15. The NSC conducts a quarterly sample survey for the estimation of shuttle trade, and uses customs records on the number of people crossing the border with CIS countries to derive the sample. The State Customs Inspectorate has introduced the customs receipt order for shuttle traders that simplifies and improves recording of imports of goods by shuttle traders. However, the high value limits applied for free import of goods by individuals have fostered a large shuttle trade, which has complicated estimation of this activity.

16. An STA mission on balance of payments statistics was in Bishkek during March 15–29, 2004 to address compilation issues, and to assess training needs. The mission noted that while progress had been made in several areas, further improvements were needed in the international transactions reporting system; data sampling methods; and data validation and coverage, particularly on trade, services, private sector external debt, and foreign direct investment. The mission developed a questionnaire for collecting data on foreign direct investments and provided guidelines on the collection of data on external debt.

Kyrgyz Republic: Table of Common Indicators Required for Surveillance

(As of May 2, 2008)

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Includes reserve assets pledged or otherwise encumbered, as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign and domestic financing only.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC (published in November 2003, and based on the findings of the mission that took place during November 2002) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.

Kyrgyz Republic: Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Kyrgyz Republic
Author: International Monetary Fund