Abstract
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.
Recent Developments and Outlook
A. Context
1. The shift to a parliamentary democracy in 2010 provided an impetus for the Kyrgyz Republic to reform the economy. The Kyrgyz economy is the most open one in the region, and depends heavily on gold exports and remittances. The political turmoil and internal ethnic conflict in 2010 disrupted economic activity. To address the effects of the domestic crisis, the new government increased social outlays, wages, and pensions, leading to fiscal tensions. Nonetheless, the public debt-to-GDP ratio declined, helped by recent debt write-offs.1 The authorities introduced tax policy and tax administration measures to strengthen revenue collection and improved public financial management to increase the efficiency of spending. However, the new political system and frequent changes in government have made some aspects of economic reform more difficult and led to delays, particularly in the financial sector (Box 1).
Kyrgyz Republic: How Much Traction did Previous IMF Advice Receive?
| Staff Advice | Policy Actions |
|---|---|
| Fiscal policy | |
| Consolidate the fiscal position | The authorities reduced the fiscal deficit to 5.4 percent of GDP in 2012 from 6.4 percent in 2010 and are committed to reduce the deficit further, to less than 3 percent of GDP by 2015, to maintain a sustainable debt position. |
| Raise revenues through tax policy and tax administration measures | The authorities removed the turnover tax exemption on electricity, heat and natural gas for commercial users; moved to a contract-based tax regime for food services; they strengthened tax administration and moved the tax policy function back to the ministry of finance in March 2013. |
| Enhance customs administration | The authorities improved the customs valuation system and moved the majority of imported goods from weight-based to price-based valuation. |
| Reduce fiscal risks stemming from state-owned enterprises and boost revenues from dividends | The government adopted a resolution on the procedures for the submission of budgets of the 20 largest SOEs. |
| Strengthen public financial management | The authorities strengthened PFM by a number of reforms. They also established the high-level committee to coordinate PFM reforms chaired by the Minister of Finance. Treasury reforms are in progress. |
| Enhance social safety nets and targeted social assistance programs | The authorities expanded targeted cash transfers to the poor. |
| Monetary and financial sector policies | |
| Resolve Zalkar | The authorities found resolving the bank difficult in a challenging political environment. This measure took some time to implement. Zalkar was sold to a fit and proper buyer in May 2013. |
| Strengthen central bank independence and financial sector oversight | The authorities phased out the special bank refinancing fund (SBRF) and liquidated it in October 2011. They developed a privatization strategy for SSC Bank. The draft Banking Code was submitted to the government for consideration at end-April 2013. |
| Staff Advice | Policy Actions |
|---|---|
| Fiscal policy | |
| Consolidate the fiscal position | The authorities reduced the fiscal deficit to 5.4 percent of GDP in 2012 from 6.4 percent in 2010 and are committed to reduce the deficit further, to less than 3 percent of GDP by 2015, to maintain a sustainable debt position. |
| Raise revenues through tax policy and tax administration measures | The authorities removed the turnover tax exemption on electricity, heat and natural gas for commercial users; moved to a contract-based tax regime for food services; they strengthened tax administration and moved the tax policy function back to the ministry of finance in March 2013. |
| Enhance customs administration | The authorities improved the customs valuation system and moved the majority of imported goods from weight-based to price-based valuation. |
| Reduce fiscal risks stemming from state-owned enterprises and boost revenues from dividends | The government adopted a resolution on the procedures for the submission of budgets of the 20 largest SOEs. |
| Strengthen public financial management | The authorities strengthened PFM by a number of reforms. They also established the high-level committee to coordinate PFM reforms chaired by the Minister of Finance. Treasury reforms are in progress. |
| Enhance social safety nets and targeted social assistance programs | The authorities expanded targeted cash transfers to the poor. |
| Monetary and financial sector policies | |
| Resolve Zalkar | The authorities found resolving the bank difficult in a challenging political environment. This measure took some time to implement. Zalkar was sold to a fit and proper buyer in May 2013. |
| Strengthen central bank independence and financial sector oversight | The authorities phased out the special bank refinancing fund (SBRF) and liquidated it in October 2011. They developed a privatization strategy for SSC Bank. The draft Banking Code was submitted to the government for consideration at end-April 2013. |
2. Despite the recent progress, the Kyrgyz Republic faces significant economic challenges. The key near-term challenge is to maintain macroeconomic stability and to put the financial sector on a sound footing. The authorities agreed that key medium-term challenges include diversifying the economy away from gold, reducing dependence on remittances and external support, and creating a business environment conducive to private sector-led growth.
3. Meeting the challenges will require actions on many fronts. Fiscal consolidation is critical to ensure sustainability of public finances, keep debt on a declining path, and support the central bank’s efforts to curb inflation. In this context, it is essential to maintain and strengthen central bank independence, which recently has come under pressure. Moving ahead with reforms in the banking sector and improving the business environment will be key to strengthening the role of the private sector. Enhancing the provision of high-quality public services and addressing corruption are essential elements of a successful development agenda. The government will also need to address the remaining ethnic tensions and actively participate in the regional dialogue on the development of the hydro-power sector.
B. Recent Developments
4. The political situation has stabilized but remains fragile. The three-party coalition government formed after the breakup of the previous coalition in August 2012 has managed to maintain a relatively stable political environment. Nevertheless, the political situation remains fragile as some members of parliament continue to voice their disagreement with the government’s reform agenda.
5. The economic situation deteriorated in 2012 (Figure 1). Gold production dropped by 40 percent owing to disruptions at Kumtor, the largest gold mine. Solid growth in other sectors, fueled by remittances inflows, cushioned the drop in overall output to -0.9 percent. The current account deficit increased substantially, mainly due to the decline in gold exports and an increase in imports of inputs for ongoing energy infrastructure projects. Official assistance and remittances, which have the strongest impact on the exchange rate, mitigated depreciation pressures. The capital and financial accounts have been volatile, primarily because of upward revisions to private external debt, sizable debt relief, and short-term flows related to mining activity. Inflation increased to 7.5 percent by end-2012, owing to rising international food prices in the summer.
Kyrgyz Republic: Recent Economic Developments, 2010–12
Citation: IMF Staff Country Reports 2013, 175; 10.5089/9781475536386.002.A001
Sources: Kyrgyz authorities and IMF staff estimates.
Kyrgyz Republic: Recent Economic Developments, 2010–12
Citation: IMF Staff Country Reports 2013, 175; 10.5089/9781475536386.002.A001
Sources: Kyrgyz authorities and IMF staff estimates.Kyrgyz Republic: Recent Economic Developments, 2010–12
Citation: IMF Staff Country Reports 2013, 175; 10.5089/9781475536386.002.A001
Sources: Kyrgyz authorities and IMF staff estimates.6. Notwithstanding adverse economic conditions, fiscal policy remained prudent. The 2012 fiscal deficit was 5.4 percent of GDP and below the targeted 6 percent of GDP, although somewhat higher than in 2011 owing to the expenditure carryover. The revenue-smoothing arrangement with Kumtor and buoyant customs revenue in the first nine months of 2012 offset the shortfall in gold-related revenue. However, growth in customs revenue decelerated in late 2012. The government curtailed some nonpriority expenditure to accommodate lower-than-budgeted external financing on account of delays in the implementation of structural measures agreed with donors. Unexpected external grants in late 2012 led to a better-than-projected fiscal outturn.
7. Despite lowering the policy rate, the central bank continued to mop up excess liquidity, although not consistently throughout 2012. The National Bank of the Kyrgyz Republic (NBKR) reduced the policy rate in several steps to 2.6 percent, in response to negative economic growth and moderate inflation. The shift in monetary policy has not affected the average lending rate in the banking system. Toward end-2012, however, sterilization efforts were not sufficient to offset strong growth in foreign inflows. As a result, reserve money increased by more than expected. Growth in private credit was strong on account of buoyant demand across most sectors and a one-off factor (a micro-finance institution became a bank in November 2012).
8. The banking sector has remained generally stable (Text Table 1). Nonperforming loans continued to fall during 2012, while provisioning increased. Capital adequacy and liquidity of the banking system remained sufficient, while profitability increased. However, dollarization, even though on a declining trend, is still high.
Kyrgyz Republic: Selected Financial Soundness Indicators, 2009–12
AUB is excluded from October 2010.
In March 2011, some NPLs were transferred from Zalkar bank to the old AUB and left the system.
Kyrgyz Republic: Selected Financial Soundness Indicators, 2009–12
| Mar-10 | Jun-10 | Sep-10 | Dec-10 | Mar-11 | Jun-11 | Sep-11 | Dec-11 | Mar-12 | Jun-12 | Sep-12 | Dec-12 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital Adequacy 1/ | ||||||||||||
| Regulatory capital to risk weighted assets | 31.7 | 25.4 | 23.1 | 31.0 | 30.4 | 28.2 | 29.7 | 30.3 | 29.7 | 27.3 | 27.9 | 28.3 |
| Capital to total assets | 19.6 | 18.0 | 16.0 | 20.0 | 20.1 | 18.7 | 19.8 | 20.1 | 19.4 | 17.9 | 17.9 | 18.3 |
| Liquidity | ||||||||||||
| Liquidity ratio | 86.7 | 75.6 | 64.8 | 72.8 | 76.5 | 73.1 | 72.8 | 74.9 | 83.5 | 80.3 | 78.6 | 80.0 |
| Excess reserves/total reserves | 15.8 | 43.4 | 39.3 | 57.3 | 34.3 | 34.7 | 33.5 | 27.0 | 40.0 | 32.5 | 33.6 | 34.6 |
| Asset quality 1,2/ | ||||||||||||
| Nonperforming loans/total loans | 7.9 | 13.7 | 16.8 | 15.8 | 13.8 | 12.3 | 11.4 | 10.2 | 9.9 | 9.0 | 8.5 | 7.2 |
| Loan-loss provisioning/nonperforming loans | 57.5 | 52.8 | 62.7 | 67.7 | 59.6 | 59.8 | 59.2 | 61.6 | 60.3 | 62.3 | 61.6 | 64.9 |
| Earnings and profitability 1,2/ | ||||||||||||
| Return on equity | 12.5 | −58.0 | −51.3 | 7.1 | 13.3 | 14.4 | 14.6 | 17.7 | 15.0 | 16.9 | 19.5 | 18.5 |
| Return on assets | 2.4 | −11.2 | −9.3 | 1.2 | 2.5 | 2.7 | 2.7 | 3.0 | 2.7 | 2.7 | 3.3 | 3.0 |
AUB is excluded from October 2010.
In March 2011, some NPLs were transferred from Zalkar bank to the old AUB and left the system.
Kyrgyz Republic: Selected Financial Soundness Indicators, 2009–12
| Mar-10 | Jun-10 | Sep-10 | Dec-10 | Mar-11 | Jun-11 | Sep-11 | Dec-11 | Mar-12 | Jun-12 | Sep-12 | Dec-12 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital Adequacy 1/ | ||||||||||||
| Regulatory capital to risk weighted assets | 31.7 | 25.4 | 23.1 | 31.0 | 30.4 | 28.2 | 29.7 | 30.3 | 29.7 | 27.3 | 27.9 | 28.3 |
| Capital to total assets | 19.6 | 18.0 | 16.0 | 20.0 | 20.1 | 18.7 | 19.8 | 20.1 | 19.4 | 17.9 | 17.9 | 18.3 |
| Liquidity | ||||||||||||
| Liquidity ratio | 86.7 | 75.6 | 64.8 | 72.8 | 76.5 | 73.1 | 72.8 | 74.9 | 83.5 | 80.3 | 78.6 | 80.0 |
| Excess reserves/total reserves | 15.8 | 43.4 | 39.3 | 57.3 | 34.3 | 34.7 | 33.5 | 27.0 | 40.0 | 32.5 | 33.6 | 34.6 |
| Asset quality 1,2/ | ||||||||||||
| Nonperforming loans/total loans | 7.9 | 13.7 | 16.8 | 15.8 | 13.8 | 12.3 | 11.4 | 10.2 | 9.9 | 9.0 | 8.5 | 7.2 |
| Loan-loss provisioning/nonperforming loans | 57.5 | 52.8 | 62.7 | 67.7 | 59.6 | 59.8 | 59.2 | 61.6 | 60.3 | 62.3 | 61.6 | 64.9 |
| Earnings and profitability 1,2/ | ||||||||||||
| Return on equity | 12.5 | −58.0 | −51.3 | 7.1 | 13.3 | 14.4 | 14.6 | 17.7 | 15.0 | 16.9 | 19.5 | 18.5 |
| Return on assets | 2.4 | −11.2 | −9.3 | 1.2 | 2.5 | 2.7 | 2.7 | 3.0 | 2.7 | 2.7 | 3.3 | 3.0 |
AUB is excluded from October 2010.
In March 2011, some NPLs were transferred from Zalkar bank to the old AUB and left the system.
C. Program Implementation
9. The program has been broadly on track, albeit with some slippages. All end-December 2012 QPC and all but one structural benchmarks were met (Tables 13 and 14). The structural benchmark on the sale of Zalkar was met with a delay in early May. The end-December 2012 indicative targets on state government tax collections and reserve money were also missed. The continuous QPC on the ceiling on contracting or guaranteeing of new nonconcessional external debt was missed in early 2013.2 The law on anti-money laundering and countering the financing of terrorism (AML/CFT) and the relevant provisions of the Criminal Code were submitted to parliament in December 2012. The revised SSC sales strategy was approved by the government in February 2013. A government resolution on the procedures for submission of budgets of the next 10 largest state-owned enterprises (SOEs) to the government was adopted at end-March 2013 (LOI ¶7). The authorities are requesting a waiver of nonobservance of the continuous QPC based on corrective actions being taken. The authorities are making progress toward meeting the structural benchmarks scheduled for the coming months.
Kyrgyz Republic: Selected Social and Economic Indicators, 2010–18
General government comprises State Government and Social Fund finances. State government comprises central and local governments.
Calculated at end-period exchange rates.
Twelve-month GDP over end-period broad money.
Interest rate on three-month treasury bills.
Kyrgyz Republic: Selected Social and Economic Indicators, 2010–18
| I. Social and Demographic Indicators | ||||||||||||
| Population (million, 2010) | 5.5 | GINI Index (2009) | 36.2 | |||||||||
| Unemployment rate (official, 2010) | 8.6 | Life expectancy at birth in years (2010) | 69.1 | |||||||||
| Poverty rate (2011) | 36.1 | Adult literacy rate (percent of population) | 99.0 | |||||||||
| GNI per capita (2011, Atlas method, U.S. dollars) | 880 | Infant mortality (per 1000 live births) | 32.8 | |||||||||
| II. Economic Indicators | ||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||
| Act. | Act. | Act. | Proj. | |||||||||
| Nominal GDP (in billions of soms) | 220.4 | 286.0 | 304.4 | 348.1 | 398.5 | 444.8 | 491.9 | 545.9 | 604.1 | |||
| Nominal GDP (in millions of U.S. dollars) | 4,794 | 6,199 | 6,473 | 7,234 | 8,041 | 8,715 | 9,356 | 10,081 | 10,885 | |||
| Real GDP (growth in percent) | −0.5 | 6.0 | −0.9 | 7.4 | 7.5 | 5.3 | 5.0 | 5.0 | 5.0 | |||
| Nongold real GDP (growth in percent) | −2.1 | 5.6 | 5.0 | 4.5 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | |||
| GDP per capita (in U.S. dollars) | 875 | 1,120 | 1,158 | 1,282 | 1,411 | 1,514 | 1,609 | 1,717 | 1,835 | |||
| Consumer prices (12-month percent change, eop) | 18.9 | 5.7 | 7.5 | 7.0 | 7.0 | 6.0 | 6.0 | 5.5 | 5.5 | |||
| Consumer prices (12-month percent change, average) | 7.8 | 16.6 | 2.8 | 8.6 | 7.2 | 6.6 | 6.0 | 5.7 | 5.4 | |||
| Investment and savings (in percent of GDP) | ||||||||||||
| Investment | 23.8 | 24.1 | 26.7 | 25.8 | 26.1 | 27.5 | 28.1 | 28.8 | 31.0 | |||
| Public | 5.4 | 5.5 | 7.8 | 6.4 | 6.7 | 7.1 | 7.6 | 7.9 | 9.8 | |||
| Private | 18.4 | 18.6 | 18.8 | 19.4 | 19.4 | 20.4 | 20.5 | 20.9 | 21.3 | |||
| Savings | 17.4 | 17.5 | 11.3 | 17.8 | 20.0 | 21.9 | 23.9 | 25.4 | 27.9 | |||
| Public | −0.4 | 0.9 | 2.1 | 1.1 | 2.7 | 4.5 | 5.3 | 6.4 | 8.3 | |||
| Private | 17.9 | 16.6 | 9.3 | 16.7 | 17.4 | 17.4 | 18.6 | 19.0 | 19.6 | |||
| Savings-investment balance | −6.4 | −6.5 | −15.3 | −8.0 | −6.0 | −5.6 | −4.2 | −3.4 | −3.1 | |||
| General government finances (in percent of GDP) 1/ | ||||||||||||
| Total revenue and grants | 30.5 | 31.8 | 34.5 | 32.0 | 32.1 | 31.8 | 32.6 | 32.7 | 32.9 | |||
| Of which: Tax revenue | 22.3 | 23.1 | 26.0 | 25.4 | 25.7 | 25.8 | 26.4 | 26.6 | 26.8 | |||
| Total expenditure (including net lending) | 36.6 | 36.3 | 39.8 | 37.2 | 36.1 | 34.4 | 34.9 | 34.2 | 34.3 | |||
| Of which: Current expenditure | 31.0 | 30.9 | 32.4 | 30.8 | 29.5 | 27.4 | 27.3 | 26.3 | 24.5 | |||
| Capital expenditure | 5.4 | 5.5 | 7.8 | 6.4 | 6.7 | 7.1 | 7.6 | 7.9 | 9.8 | |||
| Overall fiscal balance | −6.3 | −4.6 | −5.4 | −5.3 | −4.0 | −2.6 | −2.3 | −1.5 | −1.5 | |||
| Primary balance | −5.4 | −3.6 | −4.5 | −4.3 | −3.3 | −1.9 | −1.6 | −0.7 | −0.8 | |||
| Primary balance excluding grants | −8.2 | −6.6 | −7.1 | −5.7 | −4.6 | −2.7 | −2.7 | −1.7 | −1.7 | |||
| Overall balance excluding energy infrastructure projects | −6.3 | −3.9 | −2.1 | −3.3 | −2.6 | −1.3 | −2.3 | −1.5 | −1.5 | |||
| Total public debt 2/ | 60.3 | 50.1 | 48.9 | 48.6 | 47.1 | 45.6 | 44.7 | 43.0 | 41.6 | |||
| Banking sector | ||||||||||||
| Reserve money (percent change, eop) | 18.4 | 12.8 | 17.7 | 16.4 | 15.7 | 15.7 | 15.0 | 14.7 | 14.5 | |||
| Broad money (percent change, eop) | 21.1 | 14.9 | 23.8 | 19.8 | 18.5 | 17.8 | 17.1 | 16.9 | 16.4 | |||
| Credit to private sector (percent change, eop) | 6.3 | 20.8 | 26.2 | 21.0 | 18.9 | 22.0 | 25.9 | 20.1 | 15.1 | |||
| Credit to private sector (in percent of GDP) | 12.5 | 11.7 | 13.8 | 14.6 | 15.2 | 16.6 | 18.9 | 20.4 | 21.3 | |||
| Velocity of broad money 3/ | 3.2 | 3.6 | 3.1 | 3.0 | 2.9 | 2.7 | 2.6 | 2.4 | 2.3 | |||
| Interest rate 4/ | 5.5 | 6.6 | 5.2 | … | … | … | … | … | … | |||
| External sector | ||||||||||||
| Current account balance (in percent of GDP) | −6.4 | −6.5 | −15.3 | −8.0 | −6.0 | −5.6 | −4.2 | −3.4 | −3.1 | |||
| Export of goods and services (in millions of U.S. dollars) | 2,526 | 3,388 | 3,538 | 3,996 | 4,450 | 4,774 | 5,121 | 5,489 | 5,881 | |||
| Export growth (percent change) | −1.1 | 34.1 | 4.4 | 12.9 | 11.4 | 7.3 | 7.3 | 7.2 | 7.1 | |||
| Import of goods and services (in millions of U.S. dollars) | 3,917 | 5,100 | 6,450 | 6,445 | 6,851 | 7,251 | 7,706 | 8,195 | 8,722 | |||
| Import growth (percent change) | 6.0 | 30.2 | 26.5 | −0.1 | 6.3 | 5.8 | 6.3 | 6.3 | 6.4 | |||
| Gross International reserves (in millions of U.S. dollars) | 1,716 | 1,831 | 2,061 | 2,160 | 2,389 | 2,565 | 2,753 | 2,989 | 3,456 | |||
| Gross reserves (months of next year imports, eop) | 4.0 | 3.4 | 3.8 | 3.8 | 4.0 | 4.0 | 4.0 | 4.1 | 4.2 | |||
| External public debt outstanding (in percent of GDP) | 55.1 | 45.9 | 45.8 | 45.2 | 43.3 | 41.9 | 39.8 | 37.6 | 36.0 | |||
| External public debt service-to-export ratio (in percent) | 3.6 | 2.9 | 2.7 | 2.5 | 2.5 | 2.6 | 3.4 | 3.3 | 3.7 | |||
| Memorandum items: | ||||||||||||
| Exchange rate (soms per U.S. dollar, average) | 46.0 | 46.1 | 47.0 | … | … | … | … | … | … | |||
| Real effective exchange rate (2005=100) (average) | 113.5 | 122.6 | 121.6 | … | … | … | … | … | … | |||
| Gold related tax receipts of the general government (percent of GDP) | 2.0 | 2.1 | 1.5 | … | … | … | … | … | … | |||
General government comprises State Government and Social Fund finances. State government comprises central and local governments.
Calculated at end-period exchange rates.
Twelve-month GDP over end-period broad money.
Interest rate on three-month treasury bills.
Kyrgyz Republic: Selected Social and Economic Indicators, 2010–18
| I. Social and Demographic Indicators | ||||||||||||
| Population (million, 2010) | 5.5 | GINI Index (2009) | 36.2 | |||||||||
| Unemployment rate (official, 2010) | 8.6 | Life expectancy at birth in years (2010) | 69.1 | |||||||||
| Poverty rate (2011) | 36.1 | Adult literacy rate (percent of population) | 99.0 | |||||||||
| GNI per capita (2011, Atlas method, U.S. dollars) | 880 | Infant mortality (per 1000 live births) | 32.8 | |||||||||
| II. Economic Indicators | ||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||
| Act. | Act. | Act. | Proj. | |||||||||
| Nominal GDP (in billions of soms) | 220.4 | 286.0 | 304.4 | 348.1 | 398.5 | 444.8 | 491.9 | 545.9 | 604.1 | |||
| Nominal GDP (in millions of U.S. dollars) | 4,794 | 6,199 | 6,473 | 7,234 | 8,041 | 8,715 | 9,356 | 10,081 | 10,885 | |||
| Real GDP (growth in percent) | −0.5 | 6.0 | −0.9 | 7.4 | 7.5 | 5.3 | 5.0 | 5.0 | 5.0 | |||
| Nongold real GDP (growth in percent) | −2.1 | 5.6 | 5.0 | 4.5 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | |||
| GDP per capita (in U.S. dollars) | 875 | 1,120 | 1,158 | 1,282 | 1,411 | 1,514 | 1,609 | 1,717 | 1,835 | |||
| Consumer prices (12-month percent change, eop) | 18.9 | 5.7 | 7.5 | 7.0 | 7.0 | 6.0 | 6.0 | 5.5 | 5.5 | |||
| Consumer prices (12-month percent change, average) | 7.8 | 16.6 | 2.8 | 8.6 | 7.2 | 6.6 | 6.0 | 5.7 | 5.4 | |||
| Investment and savings (in percent of GDP) | ||||||||||||
| Investment | 23.8 | 24.1 | 26.7 | 25.8 | 26.1 | 27.5 | 28.1 | 28.8 | 31.0 | |||
| Public | 5.4 | 5.5 | 7.8 | 6.4 | 6.7 | 7.1 | 7.6 | 7.9 | 9.8 | |||
| Private | 18.4 | 18.6 | 18.8 | 19.4 | 19.4 | 20.4 | 20.5 | 20.9 | 21.3 | |||
| Savings | 17.4 | 17.5 | 11.3 | 17.8 | 20.0 | 21.9 | 23.9 | 25.4 | 27.9 | |||
| Public | −0.4 | 0.9 | 2.1 | 1.1 | 2.7 | 4.5 | 5.3 | 6.4 | 8.3 | |||
| Private | 17.9 | 16.6 | 9.3 | 16.7 | 17.4 | 17.4 | 18.6 | 19.0 | 19.6 | |||
| Savings-investment balance | −6.4 | −6.5 | −15.3 | −8.0 | −6.0 | −5.6 | −4.2 | −3.4 | −3.1 | |||
| General government finances (in percent of GDP) 1/ | ||||||||||||
| Total revenue and grants | 30.5 | 31.8 | 34.5 | 32.0 | 32.1 | 31.8 | 32.6 | 32.7 | 32.9 | |||
| Of which: Tax revenue | 22.3 | 23.1 | 26.0 | 25.4 | 25.7 | 25.8 | 26.4 | 26.6 | 26.8 | |||
| Total expenditure (including net lending) | 36.6 | 36.3 | 39.8 | 37.2 | 36.1 | 34.4 | 34.9 | 34.2 | 34.3 | |||
| Of which: Current expenditure | 31.0 | 30.9 | 32.4 | 30.8 | 29.5 | 27.4 | 27.3 | 26.3 | 24.5 | |||
| Capital expenditure | 5.4 | 5.5 | 7.8 | 6.4 | 6.7 | 7.1 | 7.6 | 7.9 | 9.8 | |||
| Overall fiscal balance | −6.3 | −4.6 | −5.4 | −5.3 | −4.0 | −2.6 | −2.3 | −1.5 | −1.5 | |||
| Primary balance | −5.4 | −3.6 | −4.5 | −4.3 | −3.3 | −1.9 | −1.6 | −0.7 | −0.8 | |||
| Primary balance excluding grants | −8.2 | −6.6 | −7.1 | −5.7 | −4.6 | −2.7 | −2.7 | −1.7 | −1.7 | |||
| Overall balance excluding energy infrastructure projects | −6.3 | −3.9 | −2.1 | −3.3 | −2.6 | −1.3 | −2.3 | −1.5 | −1.5 | |||
| Total public debt 2/ | 60.3 | 50.1 | 48.9 | 48.6 | 47.1 | 45.6 | 44.7 | 43.0 | 41.6 | |||
| Banking sector | ||||||||||||
| Reserve money (percent change, eop) | 18.4 | 12.8 | 17.7 | 16.4 | 15.7 | 15.7 | 15.0 | 14.7 | 14.5 | |||
| Broad money (percent change, eop) | 21.1 | 14.9 | 23.8 | 19.8 | 18.5 | 17.8 | 17.1 | 16.9 | 16.4 | |||
| Credit to private sector (percent change, eop) | 6.3 | 20.8 | 26.2 | 21.0 | 18.9 | 22.0 | 25.9 | 20.1 | 15.1 | |||
| Credit to private sector (in percent of GDP) | 12.5 | 11.7 | 13.8 | 14.6 | 15.2 | 16.6 | 18.9 | 20.4 | 21.3 | |||
| Velocity of broad money 3/ | 3.2 | 3.6 | 3.1 | 3.0 | 2.9 | 2.7 | 2.6 | 2.4 | 2.3 | |||
| Interest rate 4/ | 5.5 | 6.6 | 5.2 | … | … | … | … | … | … | |||
| External sector | ||||||||||||
| Current account balance (in percent of GDP) | −6.4 | −6.5 | −15.3 | −8.0 | −6.0 | −5.6 | −4.2 | −3.4 | −3.1 | |||
| Export of goods and services (in millions of U.S. dollars) | 2,526 | 3,388 | 3,538 | 3,996 | 4,450 | 4,774 | 5,121 | 5,489 | 5,881 | |||
| Export growth (percent change) | −1.1 | 34.1 | 4.4 | 12.9 | 11.4 | 7.3 | 7.3 | 7.2 | 7.1 | |||
| Import of goods and services (in millions of U.S. dollars) | 3,917 | 5,100 | 6,450 | 6,445 | 6,851 | 7,251 | 7,706 | 8,195 | 8,722 | |||
| Import growth (percent change) | 6.0 | 30.2 | 26.5 | −0.1 | 6.3 | 5.8 | 6.3 | 6.3 | 6.4 | |||
| Gross International reserves (in millions of U.S. dollars) | 1,716 | 1,831 | 2,061 | 2,160 | 2,389 | 2,565 | 2,753 | 2,989 | 3,456 | |||
| Gross reserves (months of next year imports, eop) | 4.0 | 3.4 | 3.8 | 3.8 | 4.0 | 4.0 | 4.0 | 4.1 | 4.2 | |||
| External public debt outstanding (in percent of GDP) | 55.1 | 45.9 | 45.8 | 45.2 | 43.3 | 41.9 | 39.8 | 37.6 | 36.0 | |||
| External public debt service-to-export ratio (in percent) | 3.6 | 2.9 | 2.7 | 2.5 | 2.5 | 2.6 | 3.4 | 3.3 | 3.7 | |||
| Memorandum items: | ||||||||||||
| Exchange rate (soms per U.S. dollar, average) | 46.0 | 46.1 | 47.0 | … | … | … | … | … | … | |||
| Real effective exchange rate (2005=100) (average) | 113.5 | 122.6 | 121.6 | … | … | … | … | … | … | |||
| Gold related tax receipts of the general government (percent of GDP) | 2.0 | 2.1 | 1.5 | … | … | … | … | … | … | |||
General government comprises State Government and Social Fund finances. State government comprises central and local governments.
Calculated at end-period exchange rates.
Twelve-month GDP over end-period broad money.
Interest rate on three-month treasury bills.
Kyrgyz Republic: Balance of Payments, 2010–18
(In millions of U.S. dollars)
Projected budget support is included in the financing gap.
The capital account in 2012 includes debt write-offs.
Includes return of KRDF investments abroad.
Net short-term flows in 2012 partially reflect capital inflows to domestic enterprises.
Public and publicly-guaranteed debt.
Net of rescheduling.
Valued at end-period exchange rates. The discrepancy between the difference in year-end stocks and the change in reserves under financing is caused by movements in prices and exchange rates.
Kyrgyz Republic: Balance of Payments, 2010–18
(In millions of U.S. dollars)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Proj. | |||||||||||||
| Current account balance 1/ | −306 | −405 | −993 | −582 | −486 | −488 | −391 | −339 | −336 | ||||||
| Excluding transfers | −1,697 | −2,242 | −3,055 | −2,778 | −2,902 | −3,073 | −3,286 | −3,409 | −3,580 | ||||||
| Trade balance | −1,160 | −1,690 | −2,676 | −2,363 | −2,283 | −2,350 | −2,523 | −2,645 | −2,818 | ||||||
| Exports, fob | 1,833 | 2,271 | 2,290 | 2,614 | 2,990 | 3,219 | 3,395 | 3,630 | 3,826 | ||||||
| CIS countries | 838 | 1,024 | 1,462 | 1,528 | 1,624 | 1,743 | 1,825 | 1,958 | 2,043 | ||||||
| Of which: Energy products | 74 | 131 | 119 | 118 | 119 | 125 | 127 | 130 | 133 | ||||||
| Of which: Re-exports of consumer goods | 54 | 94 | 96 | 101 | 65 | 35 | 15 | 5 | 3 | ||||||
| Non-CIS countries | 995 | 1,247 | 828 | 1,087 | 1,366 | 1,476 | 1,570 | 1,672 | 1,784 | ||||||
| Of which: Gold | 668 | 1,006 | 562 | 793 | 1,043 | 1,138 | 1,205 | 1,287 | 1,383 | ||||||
| Imports, fob | 2,993 | 3,962 | 4,967 | 4,977 | 5,273 | 5,569 | 5,918 | 6,275 | 6,644 | ||||||
| CIS countries | 1,590 | 2,018 | 2,487 | 2,520 | 2,642 | 2,735 | 2,853 | 2,964 | 3,073 | ||||||
| Of which: Energy (including for re-exports) | 772 | 865 | 1,047 | 975 | 982 | 986 | 998 | 1,024 | 1,054 | ||||||
| Non-CIS countries | 1,403 | 1,943 | 2,480 | 2,457 | 2,631 | 2,834 | 3,065 | 3,310 | 3,572 | ||||||
| Of which: Goods for re-exports | 49 | 86 | 87 | 92 | 59 | 32 | 14 | 4 | 3 | ||||||
| Services | −231 | −21 | −236 | −86 | −118 | −127 | −62 | −61 | −23 | ||||||
| Receipts | 693 | 1,117 | 1,248 | 1,381 | 1,460 | 1,555 | 1,726 | 1,859 | 2,055 | ||||||
| Payments | −924 | −1,138 | −1,484 | −1,468 | −1,578 | −1,682 | −1,788 | −1,920 | −2,078 | ||||||
| Income | −305 | −530 | −143 | −328 | −500 | −596 | −701 | −703 | −739 | ||||||
| Interest payments | −36 | −31 | −37 | −123 | −139 | −155 | −173 | −184 | −191 | ||||||
| Other net income | −269 | −500 | −105 | −206 | −361 | −441 | −529 | −519 | −548 | ||||||
| Current Transfers (net) 1/ | 1,391 | 1,837 | 2,062 | 2,196 | 2,416 | 2,585 | 2,896 | 3,070 | 3,244 | ||||||
| Of which: Private | 1,313 | 1,755 | 1,998 | 2,198 | 2,418 | 2,587 | 2,898 | 3,072 | 3,225 | ||||||
| Capital Account | 10 | 121 | 350 | 85 | 71 | 50 | 81 | 81 | 85 | ||||||
| Official 2/ | 129 | 121 | 367 | 102 | 89 | 68 | 99 | 99 | 103 | ||||||
| Private | −120 | 0 | −18 | −18 | −18 | −18 | −18 | −18 | −18 | ||||||
| Financial account | 530 | 670 | 617 | 494 | 550 | 593 | 500 | 501 | 730 | ||||||
| Commercial banks | −22 | −12 | 0 | −50 | −50 | −50 | −50 | −50 | 0 | ||||||
| Medium- and long-term loans (net) | 22 | 361 | 190 | 134 | 111 | 137 | 132 | 158 | 137 | ||||||
| Disbursement 1/ | 444 | 592 | 687 | 684 | 556 | 642 | 748 | 756 | 848 | ||||||
| Of which: Loan financed PIP (excl. energy investments financed by China) | 150 | 198 | 133 | 129 | 100 | 140 | 171 | 179 | 271 | ||||||
| Of which: Energy investments financed by China (PIP) | 0 | 41 | 215 | 140 | 110 | 110 | 0 | 0 | 0 | ||||||
| Amortization | −422 | −231 | −497 | −549 | −446 | −505 | −616 | −597 | −711 | ||||||
| Foreign direct investment | 438 | 694 | 372 | 514 | 589 | 605 | 517 | 493 | 693 | ||||||
| Portfolio investment 3/ | 164 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Other (including SDR allocation) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Net short-term flows 4/ | −60 | −208 | 50 | −105 | −100 | −100 | −100 | −100 | −100 | ||||||
| Errors and omissions | −131 | −279 | 215 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Overall balance | 103 | 107 | 189 | −3 | 135 | 155 | 190 | 243 | 479 | ||||||
| Financing | −103 | −107 | −189 | 3 | −135 | −155 | −190 | −243 | −479 | ||||||
| Net international reserves | −103 | −107 | −192 | −112 | −249 | −193 | −210 | −264 | −479 | ||||||
| Gross official reserves (–, increase) | −112 | −113 | −200 | −99 | −229 | −176 | −187 | −236 | −467 | ||||||
| IMF | 9 | 6 | 9 | −13 | −20 | −17 | −23 | −28 | −12 | ||||||
| Exceptional Financing (including arrears) | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Financing gap 1/ | 0 | 0 | 0 | 115 | 114 | 38 | 20 | 20 | 0 | ||||||
| Memorandum items: | |||||||||||||||
| GDP (in millions of U.S. dollars) | 4,794 | 6,199 | 6,473 | 7,234 | 8,041 | 8,715 | 9,356 | 10,081 | 10,885 | ||||||
| Current account balance (percent of GDP) | −6.4 | −6.5 | −15.3 | −8.0 | −6.0 | −5.6 | −4.2 | −3.4 | −3.1 | ||||||
| Current account balance excl. official transfers (percent of GDP) 1/ | −8.0 | −7.8 | −16.3 | −8.0 | −6.0 | −5.6 | −4.2 | −3.3 | −3.3 | ||||||
| Growth of exports of GNFS (volume, percent) | −16.5 | 17.5 | 4.9 | 14.0 | 9.1 | 8.8 | 8.4 | 5.9 | 5.4 | ||||||
| Growth of imports of GNFS (volume, percent) | −15.5 | 12.1 | 30.1 | 0.3 | 8.2 | 7.6 | 7.6 | 6.9 | 6.7 | ||||||
| Terms of trade (goods, percentage change) | −8.8 | −4.8 | 2.4 | −0.1 | 2.3 | 0.8 | 0.6 | 1.0 | 1.0 | ||||||
| Gold price (U.S. dollars per ounce) | 1,225 | 1,569 | 1,669 | 1,593 | 1,589 | 1,605 | 1,624 | 1,654 | 1,696 | ||||||
| Fuel Price Index (2005=100) | 146.7 | 193.0 | 194.2 | 189.1 | 181.1 | 174.2 | 169.5 | 166.9 | 165.2 | ||||||
| External Public Debt (in millions of U.S.dollars) 5/ | 2,644 | 2,845 | 2,966 | 3,268 | 3,482 | 3,652 | 3,722 | 3,792 | 3,922 | ||||||
| As percent of GDP | 55.1 | 45.9 | 45.8 | 45.2 | 43.3 | 41.9 | 39.8 | 37.6 | 36.0 | ||||||
| External public debt service-to-exports ratio 5/6/ | 3.6 | 2.9 | 2.7 | 2.5 | 2.5 | 2.6 | 3.4 | 3.3 | 3.7 | ||||||
| Gross reserves 7/ | 1,716 | 1,831 | 2,061 | 2,160 | 2,389 | 2,565 | 2,753 | 2,989 | 3,456 | ||||||
| In months of subsequent year’s imports | 4.0 | 3.4 | 3.8 | 3.8 | 4.0 | 4.0 | 4.0 | 4.1 | 4.2 | ||||||
Projected budget support is included in the financing gap.
The capital account in 2012 includes debt write-offs.
Includes return of KRDF investments abroad.
Net short-term flows in 2012 partially reflect capital inflows to domestic enterprises.
Public and publicly-guaranteed debt.
Net of rescheduling.
Valued at end-period exchange rates. The discrepancy between the difference in year-end stocks and the change in reserves under financing is caused by movements in prices and exchange rates.
Kyrgyz Republic: Balance of Payments, 2010–18
(In millions of U.S. dollars)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Proj. | |||||||||||||
| Current account balance 1/ | −306 | −405 | −993 | −582 | −486 | −488 | −391 | −339 | −336 | ||||||
| Excluding transfers | −1,697 | −2,242 | −3,055 | −2,778 | −2,902 | −3,073 | −3,286 | −3,409 | −3,580 | ||||||
| Trade balance | −1,160 | −1,690 | −2,676 | −2,363 | −2,283 | −2,350 | −2,523 | −2,645 | −2,818 | ||||||
| Exports, fob | 1,833 | 2,271 | 2,290 | 2,614 | 2,990 | 3,219 | 3,395 | 3,630 | 3,826 | ||||||
| CIS countries | 838 | 1,024 | 1,462 | 1,528 | 1,624 | 1,743 | 1,825 | 1,958 | 2,043 | ||||||
| Of which: Energy products | 74 | 131 | 119 | 118 | 119 | 125 | 127 | 130 | 133 | ||||||
| Of which: Re-exports of consumer goods | 54 | 94 | 96 | 101 | 65 | 35 | 15 | 5 | 3 | ||||||
| Non-CIS countries | 995 | 1,247 | 828 | 1,087 | 1,366 | 1,476 | 1,570 | 1,672 | 1,784 | ||||||
| Of which: Gold | 668 | 1,006 | 562 | 793 | 1,043 | 1,138 | 1,205 | 1,287 | 1,383 | ||||||
| Imports, fob | 2,993 | 3,962 | 4,967 | 4,977 | 5,273 | 5,569 | 5,918 | 6,275 | 6,644 | ||||||
| CIS countries | 1,590 | 2,018 | 2,487 | 2,520 | 2,642 | 2,735 | 2,853 | 2,964 | 3,073 | ||||||
| Of which: Energy (including for re-exports) | 772 | 865 | 1,047 | 975 | 982 | 986 | 998 | 1,024 | 1,054 | ||||||
| Non-CIS countries | 1,403 | 1,943 | 2,480 | 2,457 | 2,631 | 2,834 | 3,065 | 3,310 | 3,572 | ||||||
| Of which: Goods for re-exports | 49 | 86 | 87 | 92 | 59 | 32 | 14 | 4 | 3 | ||||||
| Services | −231 | −21 | −236 | −86 | −118 | −127 | −62 | −61 | −23 | ||||||
| Receipts | 693 | 1,117 | 1,248 | 1,381 | 1,460 | 1,555 | 1,726 | 1,859 | 2,055 | ||||||
| Payments | −924 | −1,138 | −1,484 | −1,468 | −1,578 | −1,682 | −1,788 | −1,920 | −2,078 | ||||||
| Income | −305 | −530 | −143 | −328 | −500 | −596 | −701 | −703 | −739 | ||||||
| Interest payments | −36 | −31 | −37 | −123 | −139 | −155 | −173 | −184 | −191 | ||||||
| Other net income | −269 | −500 | −105 | −206 | −361 | −441 | −529 | −519 | −548 | ||||||
| Current Transfers (net) 1/ | 1,391 | 1,837 | 2,062 | 2,196 | 2,416 | 2,585 | 2,896 | 3,070 | 3,244 | ||||||
| Of which: Private | 1,313 | 1,755 | 1,998 | 2,198 | 2,418 | 2,587 | 2,898 | 3,072 | 3,225 | ||||||
| Capital Account | 10 | 121 | 350 | 85 | 71 | 50 | 81 | 81 | 85 | ||||||
| Official 2/ | 129 | 121 | 367 | 102 | 89 | 68 | 99 | 99 | 103 | ||||||
| Private | −120 | 0 | −18 | −18 | −18 | −18 | −18 | −18 | −18 | ||||||
| Financial account | 530 | 670 | 617 | 494 | 550 | 593 | 500 | 501 | 730 | ||||||
| Commercial banks | −22 | −12 | 0 | −50 | −50 | −50 | −50 | −50 | 0 | ||||||
| Medium- and long-term loans (net) | 22 | 361 | 190 | 134 | 111 | 137 | 132 | 158 | 137 | ||||||
| Disbursement 1/ | 444 | 592 | 687 | 684 | 556 | 642 | 748 | 756 | 848 | ||||||
| Of which: Loan financed PIP (excl. energy investments financed by China) | 150 | 198 | 133 | 129 | 100 | 140 | 171 | 179 | 271 | ||||||
| Of which: Energy investments financed by China (PIP) | 0 | 41 | 215 | 140 | 110 | 110 | 0 | 0 | 0 | ||||||
| Amortization | −422 | −231 | −497 | −549 | −446 | −505 | −616 | −597 | −711 | ||||||
| Foreign direct investment | 438 | 694 | 372 | 514 | 589 | 605 | 517 | 493 | 693 | ||||||
| Portfolio investment 3/ | 164 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Other (including SDR allocation) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Net short-term flows 4/ | −60 | −208 | 50 | −105 | −100 | −100 | −100 | −100 | −100 | ||||||
| Errors and omissions | −131 | −279 | 215 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Overall balance | 103 | 107 | 189 | −3 | 135 | 155 | 190 | 243 | 479 | ||||||
| Financing | −103 | −107 | −189 | 3 | −135 | −155 | −190 | −243 | −479 | ||||||
| Net international reserves | −103 | −107 | −192 | −112 | −249 | −193 | −210 | −264 | −479 | ||||||
| Gross official reserves (–, increase) | −112 | −113 | −200 | −99 | −229 | −176 | −187 | −236 | −467 | ||||||
| IMF | 9 | 6 | 9 | −13 | −20 | −17 | −23 | −28 | −12 | ||||||
| Exceptional Financing (including arrears) | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Financing gap 1/ | 0 | 0 | 0 | 115 | 114 | 38 | 20 | 20 | 0 | ||||||
| Memorandum items: | |||||||||||||||
| GDP (in millions of U.S. dollars) | 4,794 | 6,199 | 6,473 | 7,234 | 8,041 | 8,715 | 9,356 | 10,081 | 10,885 | ||||||
| Current account balance (percent of GDP) | −6.4 | −6.5 | −15.3 | −8.0 | −6.0 | −5.6 | −4.2 | −3.4 | −3.1 | ||||||
| Current account balance excl. official transfers (percent of GDP) 1/ | −8.0 | −7.8 | −16.3 | −8.0 | −6.0 | −5.6 | −4.2 | −3.3 | −3.3 | ||||||
| Growth of exports of GNFS (volume, percent) | −16.5 | 17.5 | 4.9 | 14.0 | 9.1 | 8.8 | 8.4 | 5.9 | 5.4 | ||||||
| Growth of imports of GNFS (volume, percent) | −15.5 | 12.1 | 30.1 | 0.3 | 8.2 | 7.6 | 7.6 | 6.9 | 6.7 | ||||||
| Terms of trade (goods, percentage change) | −8.8 | −4.8 | 2.4 | −0.1 | 2.3 | 0.8 | 0.6 | 1.0 | 1.0 | ||||||
| Gold price (U.S. dollars per ounce) | 1,225 | 1,569 | 1,669 | 1,593 | 1,589 | 1,605 | 1,624 | 1,654 | 1,696 | ||||||
| Fuel Price Index (2005=100) | 146.7 | 193.0 | 194.2 | 189.1 | 181.1 | 174.2 | 169.5 | 166.9 | 165.2 | ||||||
| External Public Debt (in millions of U.S.dollars) 5/ | 2,644 | 2,845 | 2,966 | 3,268 | 3,482 | 3,652 | 3,722 | 3,792 | 3,922 | ||||||
| As percent of GDP | 55.1 | 45.9 | 45.8 | 45.2 | 43.3 | 41.9 | 39.8 | 37.6 | 36.0 | ||||||
| External public debt service-to-exports ratio 5/6/ | 3.6 | 2.9 | 2.7 | 2.5 | 2.5 | 2.6 | 3.4 | 3.3 | 3.7 | ||||||
| Gross reserves 7/ | 1,716 | 1,831 | 2,061 | 2,160 | 2,389 | 2,565 | 2,753 | 2,989 | 3,456 | ||||||
| In months of subsequent year’s imports | 4.0 | 3.4 | 3.8 | 3.8 | 4.0 | 4.0 | 4.0 | 4.1 | 4.2 | ||||||
Projected budget support is included in the financing gap.
The capital account in 2012 includes debt write-offs.
Includes return of KRDF investments abroad.
Net short-term flows in 2012 partially reflect capital inflows to domestic enterprises.
Public and publicly-guaranteed debt.
Net of rescheduling.
Valued at end-period exchange rates. The discrepancy between the difference in year-end stocks and the change in reserves under financing is caused by movements in prices and exchange rates.
Kyrgyz Republic: NBKR Accounts, 2010–13
Contribution is defined as change of asset stock relative to previous end-year reserve money stock (in percent).
Kyrgyz Republic: NBKR Accounts, 2010–13
| 2010 | 2011 | 2012 | 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dec. Act. | Dec. Act. | Dec. Act. | Mar. Act. | Jun. Proj. | Sep. Proj. | Dec. Proj. | ||||
| (In millions of soms) | ||||||||||
| Net foreign assets | 65,127 | 71,420 | 87,159 | 87,783 | 88,992 | 90,347 | 95,616 | |||
| Net international reserves | 73,475 | 79,629 | 93,046 | 93,579 | 94,990 | 96,345 | 101,646 | |||
| Long-term foreign liabilities | −8,482 | −8,344 | −6,192 | −6,089 | −6,303 | −6,303 | −6,335 | |||
| Other foreign assets | 134 | 135 | 305 | 293 | 305 | 305 | 305 | |||
| Net domestic assets | −16,529 | −16,616 | −22,670 | −24,084 | −22,184 | −20,104 | −20,563 | |||
| Net claims on general government | −2,053 | −1,158 | −2,968 | −4,776 | −2,802 | −1,977 | −1,229 | |||
| Of which: Total government deposits (including foreign exchange deposits) | −7,243 | −6,480 | −5,182 | −6,390 | −4,452 | −3,640 | −2,853 | |||
| Of which: Securitized government debt | 3,027 | 3,121 | 2,311 | 1,690 | 1,750 | 1,762 | 1,725 | |||
| Claims on commercial banks | 87 | −398 | −3,822 | −3,738 | −3,518 | −1,915 | −2,553 | |||
| Of which: NBKR Notes | −668 | −1,359 | −3,047 | −3,669 | −3,215 | −2,292 | −2,615 | |||
| Claims of other financial corporations | −523 | −156 | 0 | −8 | −197 | −217 | −250 | |||
| Other items net | −14,040 | −14,904 | −15,880 | −15,562 | −15,667 | −15,995 | −16,530 | |||
| Reserve money | 48,597 | 54,803 | 64,489 | 63,699 | 66,808 | 70,243 | 75,053 | |||
| Currency in circulation | 43,290 | 49,867 | 58,252 | 56,700 | 59,134 | 61,822 | 65,296 | |||
| Commercial banks’ reserves | 5,307 | 4,936 | 6,237 | 6,999 | 7,675 | 8,421 | 9,757 | |||
| Of which: Required reserves | 2,174 | 3,143 | 3,948 | 4,077 | 4,513 | 4,934 | 5,012 | |||
| (Contribution to reserve money growth, in percent) 1/ | ||||||||||
| Net foreign assets | 26.3 | 12.9 | 28.7 | 1.0 | 2.8 | 4.9 | 13.1 | |||
| Net domestic assets | −8.0 | −0.2 | −11.0 | −2.2 | 0.8 | 4.0 | 3.3 | |||
| Of which: Net claims on general government | −1.0 | 1.8 | −3.3 | −2.8 | 0.3 | 1.5 | 2.7 | |||
| Reserve money | 18.4 | 12.8 | 17.7 | −1.2 | 3.6 | 8.9 | 16.4 | |||
| Of which: Currency in circulation | 18.4 | 13.5 | 15.3 | −2.4 | 1.4 | 5.5 | 10.9 | |||
| Memorandum items: | ||||||||||
| Reserve money growth (12-month change, in percent) | 18.4 | 12.8 | 17.7 | 18.4 | 17.8 | 16.7 | 16.4 | |||
| Gross International Reserves (in millions of U.S. dollars) | 1,716 | 1,831 | 2,061 | 2,093 | 2,059 | 2,069 | 2,160 | |||
| Net international reserves (in millions of U.S. dollars) | 1,526 | 1,650 | 1,870 | 1,868 | 1,869 | 1,882 | 1,962 | |||
| Exchange rate, som per U.S. dollar, end of period | 47.1 | 46.5 | 47.4 | … | … | … | … | |||
Contribution is defined as change of asset stock relative to previous end-year reserve money stock (in percent).
Kyrgyz Republic: NBKR Accounts, 2010–13
| 2010 | 2011 | 2012 | 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dec. Act. | Dec. Act. | Dec. Act. | Mar. Act. | Jun. Proj. | Sep. Proj. | Dec. Proj. | ||||
| (In millions of soms) | ||||||||||
| Net foreign assets | 65,127 | 71,420 | 87,159 | 87,783 | 88,992 | 90,347 | 95,616 | |||
| Net international reserves | 73,475 | 79,629 | 93,046 | 93,579 | 94,990 | 96,345 | 101,646 | |||
| Long-term foreign liabilities | −8,482 | −8,344 | −6,192 | −6,089 | −6,303 | −6,303 | −6,335 | |||
| Other foreign assets | 134 | 135 | 305 | 293 | 305 | 305 | 305 | |||
| Net domestic assets | −16,529 | −16,616 | −22,670 | −24,084 | −22,184 | −20,104 | −20,563 | |||
| Net claims on general government | −2,053 | −1,158 | −2,968 | −4,776 | −2,802 | −1,977 | −1,229 | |||
| Of which: Total government deposits (including foreign exchange deposits) | −7,243 | −6,480 | −5,182 | −6,390 | −4,452 | −3,640 | −2,853 | |||
| Of which: Securitized government debt | 3,027 | 3,121 | 2,311 | 1,690 | 1,750 | 1,762 | 1,725 | |||
| Claims on commercial banks | 87 | −398 | −3,822 | −3,738 | −3,518 | −1,915 | −2,553 | |||
| Of which: NBKR Notes | −668 | −1,359 | −3,047 | −3,669 | −3,215 | −2,292 | −2,615 | |||
| Claims of other financial corporations | −523 | −156 | 0 | −8 | −197 | −217 | −250 | |||
| Other items net | −14,040 | −14,904 | −15,880 | −15,562 | −15,667 | −15,995 | −16,530 | |||
| Reserve money | 48,597 | 54,803 | 64,489 | 63,699 | 66,808 | 70,243 | 75,053 | |||
| Currency in circulation | 43,290 | 49,867 | 58,252 | 56,700 | 59,134 | 61,822 | 65,296 | |||
| Commercial banks’ reserves | 5,307 | 4,936 | 6,237 | 6,999 | 7,675 | 8,421 | 9,757 | |||
| Of which: Required reserves | 2,174 | 3,143 | 3,948 | 4,077 | 4,513 | 4,934 | 5,012 | |||
| (Contribution to reserve money growth, in percent) 1/ | ||||||||||
| Net foreign assets | 26.3 | 12.9 | 28.7 | 1.0 | 2.8 | 4.9 | 13.1 | |||
| Net domestic assets | −8.0 | −0.2 | −11.0 | −2.2 | 0.8 | 4.0 | 3.3 | |||
| Of which: Net claims on general government | −1.0 | 1.8 | −3.3 | −2.8 | 0.3 | 1.5 | 2.7 | |||
| Reserve money | 18.4 | 12.8 | 17.7 | −1.2 | 3.6 | 8.9 | 16.4 | |||
| Of which: Currency in circulation | 18.4 | 13.5 | 15.3 | −2.4 | 1.4 | 5.5 | 10.9 | |||
| Memorandum items: | ||||||||||
| Reserve money growth (12-month change, in percent) | 18.4 | 12.8 | 17.7 | 18.4 | 17.8 | 16.7 | 16.4 | |||
| Gross International Reserves (in millions of U.S. dollars) | 1,716 | 1,831 | 2,061 | 2,093 | 2,059 | 2,069 | 2,160 | |||
| Net international reserves (in millions of U.S. dollars) | 1,526 | 1,650 | 1,870 | 1,868 | 1,869 | 1,882 | 1,962 | |||
| Exchange rate, som per U.S. dollar, end of period | 47.1 | 46.5 | 47.4 | … | … | … | … | |||
Contribution is defined as change of asset stock relative to previous end-year reserve money stock (in percent).
Kyrgyz Republic: Monetary Survey, 2010–13
Contribution is defined as change of asset stock relative to previous end-year broad money stock (in percent).
Twelve-month GDP over end-period broad money.
Kyrgyz Republic: Monetary Survey, 2010–13
| 2010 | 2011 | 2012 | 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. Act. | Dec. Act. | Dec Act. | Mar. Proj. | Jun. Proj. | Sept. Proj. | Dec Proj. | |||||
| (In millions of soms) | |||||||||||
| Net foreign assets | 71,425 | 77,214 | 90,023 | 90,884 | 92,810 | 94,887 | 100,921 | ||||
| Of which: Long-term foreign liabilities (-) | −2,386 | −2,314 | 0 | 0 | 0 | 0 | 0 | ||||
| Net domestic assets | −2,217 | 2,314 | 8,460 | 7,115 | 13,081 | 18,204 | 17,062 | ||||
| Domestic credit | 23,379 | 30,293 | 38,336 | 37,673 | 42,744 | 49,195 | 50,088 | ||||
| Net claims on general government | −4,195 | −3,029 | −3,701 | −4,151 | −2,382 | −1,378 | −762 | ||||
| Credit to the rest of the economy | 27,575 | 33,322 | 42,036 | 41,823 | 45,127 | 50,573 | 50,850 | ||||
| Of which: In foreign exchange | 14,599 | 17,510 | 21,814 | 21,578 | 23,147 | 25,788 | 25,777 | ||||
| Other items net | −25,596 | −27,979 | −29,876 | −30,558 | −29,663 | −30,991 | −33,026 | ||||
| Broad money (M2X) | 69,208 | 79,528 | 98,483 | 97,999 | 105,891 | 113,091 | 117,983 | ||||
| Of which: | |||||||||||
| Broad money, excluding foreign exchange deposits (M2) | 53,745 | 62,125 | 77,461 | 75,438 | 80,303 | 84,928 | 92,355 | ||||
| Currency held by the public | 41,471 | 47,220 | 54,521 | 53,473 | 55,750 | 58,264 | 62,294 | ||||
| Total domestic currency deposit liabilities | 12,274 | 14,906 | 22,939 | 21,965 | 24,553 | 26,664 | 30,061 | ||||
| (Contribution to broad money growth, in percent) 1/ | |||||||||||
| Net foreign assets | 19.8 | 8.4 | 16.1 | 0.9 | 2.8 | 4.9 | 11.1 | ||||
| Net domestic assets | 1.3 | 6.5 | 7.7 | −1.4 | 4.7 | 9.9 | 8.7 | ||||
| Domestic credit | 6.0 | 10.0 | 10.1 | −0.7 | 4.5 | 11.0 | 11.9 | ||||
| Net claims on general government | 3.1 | 1.7 | −0.8 | −0.5 | 1.3 | 2.4 | 3.0 | ||||
| Credit to the rest of the economy | 2.8 | 8.3 | 11.0 | −0.2 | 3.1 | 8.7 | 8.9 | ||||
| Other items (net) | −4.6 | −3.4 | −2.4 | −0.7 | 0.2 | −1.1 | −3.2 | ||||
| Broad money (M2X) | 21.1 | 14.9 | 23.8 | −0.5 | 7.5 | 14.8 | 19.8 | ||||
| Of which: | |||||||||||
| Broad money, excluding foreign exchange deposits (M2) | 18.0 | 12.1 | 19.3 | −2.1 | 2.9 | 7.6 | 15.1 | ||||
| Currency held by the public | 13.3 | 8.3 | 9.2 | −1.1 | 1.2 | 3.8 | 7.9 | ||||
| Total deposit liabilities | 4.7 | 3.8 | 10.1 | −1.0 | 1.6 | 3.8 | 7.2 | ||||
| Memorandum items: | |||||||||||
| Broad money (M2X) (12-month change, in percent) | 21.1 | 14.9 | 23.8 | 21.1 | 19.8 | 19.6 | 19.8 | ||||
| Credit to the rest of the economy (12-month change, in percent) | 6.3 | 20.8 | 26.2 | 19.5 | 21.4 | 30.3 | 21.0 | ||||
| Credit to the rest of the economy (in percent of GDP) | 12.5 | 11.7 | 13.8 | 13.4 | 14.1 | 15.2 | 14.6 | ||||
| M2X velocity 2/ | 3.2 | 3.6 | 3.1 | 3.2 | 3.0 | 3.0 | 3.0 | ||||
| M2X multiplier | 1.42 | 1.45 | 1.53 | 1.54 | 1.59 | 1.61 | 1.57 | ||||
| Dollarization indicators (in percent) | |||||||||||
| Loan dollarization | 52.9 | 52.5 | 51.9 | 51.6 | 51.3 | 51.0 | 50.7 | ||||
| Deposit dollarization | 55.7 | 53.9 | 47.8 | 50.7 | 51.0 | 51.4 | 46.0 | ||||
Contribution is defined as change of asset stock relative to previous end-year broad money stock (in percent).
Twelve-month GDP over end-period broad money.
Kyrgyz Republic: Monetary Survey, 2010–13
| 2010 | 2011 | 2012 | 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. Act. | Dec. Act. | Dec Act. | Mar. Proj. | Jun. Proj. | Sept. Proj. | Dec Proj. | |||||
| (In millions of soms) | |||||||||||
| Net foreign assets | 71,425 | 77,214 | 90,023 | 90,884 | 92,810 | 94,887 | 100,921 | ||||
| Of which: Long-term foreign liabilities (-) | −2,386 | −2,314 | 0 | 0 | 0 | 0 | 0 | ||||
| Net domestic assets | −2,217 | 2,314 | 8,460 | 7,115 | 13,081 | 18,204 | 17,062 | ||||
| Domestic credit | 23,379 | 30,293 | 38,336 | 37,673 | 42,744 | 49,195 | 50,088 | ||||
| Net claims on general government | −4,195 | −3,029 | −3,701 | −4,151 | −2,382 | −1,378 | −762 | ||||
| Credit to the rest of the economy | 27,575 | 33,322 | 42,036 | 41,823 | 45,127 | 50,573 | 50,850 | ||||
| Of which: In foreign exchange | 14,599 | 17,510 | 21,814 | 21,578 | 23,147 | 25,788 | 25,777 | ||||
| Other items net | −25,596 | −27,979 | −29,876 | −30,558 | −29,663 | −30,991 | −33,026 | ||||
| Broad money (M2X) | 69,208 | 79,528 | 98,483 | 97,999 | 105,891 | 113,091 | 117,983 | ||||
| Of which: | |||||||||||
| Broad money, excluding foreign exchange deposits (M2) | 53,745 | 62,125 | 77,461 | 75,438 | 80,303 | 84,928 | 92,355 | ||||
| Currency held by the public | 41,471 | 47,220 | 54,521 | 53,473 | 55,750 | 58,264 | 62,294 | ||||
| Total domestic currency deposit liabilities | 12,274 | 14,906 | 22,939 | 21,965 | 24,553 | 26,664 | 30,061 | ||||
| (Contribution to broad money growth, in percent) 1/ | |||||||||||
| Net foreign assets | 19.8 | 8.4 | 16.1 | 0.9 | 2.8 | 4.9 | 11.1 | ||||
| Net domestic assets | 1.3 | 6.5 | 7.7 | −1.4 | 4.7 | 9.9 | 8.7 | ||||
| Domestic credit | 6.0 | 10.0 | 10.1 | −0.7 | 4.5 | 11.0 | 11.9 | ||||
| Net claims on general government | 3.1 | 1.7 | −0.8 | −0.5 | 1.3 | 2.4 | 3.0 | ||||
| Credit to the rest of the economy | 2.8 | 8.3 | 11.0 | −0.2 | 3.1 | 8.7 | 8.9 | ||||
| Other items (net) | −4.6 | −3.4 | −2.4 | −0.7 | 0.2 | −1.1 | −3.2 | ||||
| Broad money (M2X) | 21.1 | 14.9 | 23.8 | −0.5 | 7.5 | 14.8 | 19.8 | ||||
| Of which: | |||||||||||
| Broad money, excluding foreign exchange deposits (M2) | 18.0 | 12.1 | 19.3 | −2.1 | 2.9 | 7.6 | 15.1 | ||||
| Currency held by the public | 13.3 | 8.3 | 9.2 | −1.1 | 1.2 | 3.8 | 7.9 | ||||
| Total deposit liabilities | 4.7 | 3.8 | 10.1 | −1.0 | 1.6 | 3.8 | 7.2 | ||||
| Memorandum items: | |||||||||||
| Broad money (M2X) (12-month change, in percent) | 21.1 | 14.9 | 23.8 | 21.1 | 19.8 | 19.6 | 19.8 | ||||
| Credit to the rest of the economy (12-month change, in percent) | 6.3 | 20.8 | 26.2 | 19.5 | 21.4 | 30.3 | 21.0 | ||||
| Credit to the rest of the economy (in percent of GDP) | 12.5 | 11.7 | 13.8 | 13.4 | 14.1 | 15.2 | 14.6 | ||||
| M2X velocity 2/ | 3.2 | 3.6 | 3.1 | 3.2 | 3.0 | 3.0 | 3.0 | ||||
| M2X multiplier | 1.42 | 1.45 | 1.53 | 1.54 | 1.59 | 1.61 | 1.57 | ||||
| Dollarization indicators (in percent) | |||||||||||
| Loan dollarization | 52.9 | 52.5 | 51.9 | 51.6 | 51.3 | 51.0 | 50.7 | ||||
| Deposit dollarization | 55.7 | 53.9 | 47.8 | 50.7 | 51.0 | 51.4 | 46.0 | ||||
Contribution is defined as change of asset stock relative to previous end-year broad money stock (in percent).
Twelve-month GDP over end-period broad money.
Kyrgyz Republic: General Government Finances, 2010–15
(In millions of soms, unless indicated otherwise)
In 2009, the road, emergency and retail taxes have been abolished, the VAT tax rate reduced from 20 to 12 percent, and a new turnover tax introduced. Median turnover tax rate was reduced from 2.5 percent to 2 percent from January 1, 2010.
Kyrgyz Republic: General Government Finances, 2010–15
(In millions of soms, unless indicated otherwise)
| 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | 2014 | 2015 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Act. | Year Act. | Year Act. | Year Proj. | Year 3rd Rev. | Year Proj. | Year 3rd Rev. | Year Proj. | |||||
| Total revenue and grants | 67,293 | 91,057 | 104,999 | 111,348 | 112,312 | 128,040 | 123,019 | 141,622 | ||||
| Total revenue | 61,117 | 82,433 | 97,112 | 106,418 | 106,864 | 122,678 | 119,813 | 137,867 | ||||
| Current revenue | 60,230 | 81,682 | 96,286 | 105,159 | 105,655 | 121,207 | 118,399 | 136,226 | ||||
| Tax revenue | 49,233 | 66,027 | 79,037 | 88,364 | 89,414 | 102,383 | 100,175 | 114,990 | ||||
| Income tax | 13,110 | 17,122 | 18,537 | 19,662 | 20,555 | 24,111 | 22,747 | 26,917 | ||||
| VAT 1/ | 14,602 | 20,353 | 25,769 | 29,224 | 31,293 | 32,744 | 34,909 | 37,356 | ||||
| Excises | 1,689 | 2,187 | 2,827 | 3,775 | 3,506 | 4,824 | 3,866 | 5,669 | ||||
| Customs | 4,348 | 7,147 | 9,430 | 10,688 | 9,530 | 12,447 | 10,743 | 14,108 | ||||
| Land tax | 799 | 762 | 757 | 871 | 920 | 914 | 1,104 | 960 | ||||
| Road tax and Emergency Fund 1/ | 42 | 10 | 4 | 0 | 0 | 0 | 0 | 0 | ||||
| New turnover tax 1/ | 3,699 | 4,128 | 4,989 | 5,829 | 5,400 | 6,673 | 6,224 | 7,425 | ||||
| Social Fund (excluding government contribution) | 9,870 | 13,010 | 15,125 | 16,478 | 16,464 | 18,557 | 18,574 | 20,230 | ||||
| Other | 1,073 | 1,309 | 1,599 | 1,838 | 1,746 | 2,114 | 2,008 | 2,326 | ||||
| Nontax revenue | 10,997 | 15,655 | 17,249 | 16,795 | 16,240 | 18,824 | 18,225 | 21,236 | ||||
| Capital revenue | 887 | 751 | 826 | 1,259 | 1,209 | 1,471 | 1,414 | 1,642 | ||||
| Grants | 6,176 | 8,624 | 7,887 | 4,930 | 5,448 | 5,362 | 3,206 | 3,754 | ||||
| Program grants | 3,753 | 3,963 | 3,151 | 1,073 | 2,976 | 2,062 | 2,589 | 1,424 | ||||
| PIP grants | 2,423 | 4,661 | 4,736 | 3,857 | 2,472 | 3,300 | 617 | 2,330 | ||||
| Total expenditure (including net lending) | 80,741 | 103,787 | 121,278 | 129,620 | 130,167 | 143,979 | 138,635 | 153,188 | ||||
| Total expenditure (excluding net lending) | 80,175 | 104,125 | 122,567 | 129,620 | 130,167 | 143,979 | 138,635 | 153,188 | ||||
| Current expenditure | 68,246 | 88,408 | 98,731 | 107,361 | 106,527 | 117,426 | 115,775 | 121,670 | ||||
| Wages | 16,903 | 23,740 | 26,889 | 29,685 | 29,930 | 32,505 | 32,624 | 34,241 | ||||
| Transfers and subsidies | 9,313 | 10,958 | 10,870 | 10,856 | 10,814 | 12,312 | 12,258 | 13,925 | ||||
| Social Fund expenditures | 18,993 | 23,652 | 29,661 | 34,756 | 34,680 | 38,243 | 38,542 | 41,950 | ||||
| Interest | 1,812 | 2,756 | 2,929 | 3,469 | 3,482 | 2,887 | 3,511 | 3,185 | ||||
| Purchases of other goods and services | 21,226 | 27,302 | 28,382 | 28,596 | 27,621 | 31,479 | 28,840 | 28,370 | ||||
| Capital expenditure | 11,929 | 15,717 | 23,836 | 22,259 | 23,640 | 26,553 | 22,860 | 31,517 | ||||
| Domestically financed capital expenditure | 3,310 | 2,659 | 3,413 | 5,438 | 5,013 | 12,828 | 10,128 | 16,407 | ||||
| Foreign financed PIP loans | 6,196 | 8,397 | 15,686 | 12,964 | 16,156 | 10,425 | 12,115 | 12,780 | ||||
| Energy infrastructure projects | 0 | 1,863 | 10,117 | 6,736 | 6,804 | 5,451 | 5,506 | 5,615 | ||||
| Foreign financed PIP grants | 2,423 | 4,661 | 4,736 | 3,857 | 2,471 | 3,300 | 617 | 2,330 | ||||
| Net lending | 565 | −338 | −1,289 | 0 | 0 | 0 | 0 | 0 | ||||
| Discrepancy | −345 | −387 | −292 | 0 | 0 | 0 | 0 | 0 | ||||
| Primary balance excluding grants | −18,157 | −18,986 | −21,529 | −19,734 | −19,821 | −18,414 | −15,311 | −12,136 | ||||
| Primary balance | −11,981 | −10,361 | −13,642 | −14,804 | −14,373 | −13,052 | −12,105 | −8,381 | ||||
| Overall balance | −13,792 | −13,117 | −16,571 | −18,273 | −17,855 | −15,939 | −15,616 | −11,566 | ||||
| Overall balance excluding energy infrastructure projects | −13,792 | −11,254 | −6,454 | −11,537 | −11,052 | −10,488 | −10,110 | −5,951 | ||||
| Total financing | 13,792 | 13,117 | 16,571 | 18,273 | 17,855 | 15,939 | 15,616 | 11,566 | ||||
| External financing | 6,818 | 9,351 | 15,597 | 15,175 | 15,863 | 10,905 | 12,488 | 10,040 | ||||
| Public investment program | 6,196 | 8,397 | 16,133 | 12,964 | 16,156 | 10,425 | 12,115 | 12,780 | ||||
| Program support loans | 2,282 | 2,930 | 1,375 | 4,588 | 1,905 | 2,973 | 2,878 | 510 | ||||
| Total amortization | −1,660 | −1,976 | −1,911 | −2,378 | −2,198 | −2,493 | −2,505 | −3,250 | ||||
| Domestic financing | 918 | 3,606 | 820 | 2,939 | 848 | 1,399 | 947 | 332 | ||||
| NBKR | −1,085 | 894 | 511 | 1,739 | −952 | −1,601 | −53 | −668 | ||||
| Commercial banks | 2,205 | 272 | 1,258 | 1,200 | 1,800 | 3,000 | 1,000 | 1,000 | ||||
| Nonbank | −202 | 2,440 | −950 | 0 | 0 | 0 | 0 | 0 | ||||
| Privatization | 173 | 159 | 153 | 159 | 1,144 | 3,635 | 2,181 | 1,193 | ||||
| Use of KRDF investments abroad | 5,883 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
In 2009, the road, emergency and retail taxes have been abolished, the VAT tax rate reduced from 20 to 12 percent, and a new turnover tax introduced. Median turnover tax rate was reduced from 2.5 percent to 2 percent from January 1, 2010.
Kyrgyz Republic: General Government Finances, 2010–15
(In millions of soms, unless indicated otherwise)
| 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | 2014 | 2015 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Act. | Year Act. | Year Act. | Year Proj. | Year 3rd Rev. | Year Proj. | Year 3rd Rev. | Year Proj. | |||||
| Total revenue and grants | 67,293 | 91,057 | 104,999 | 111,348 | 112,312 | 128,040 | 123,019 | 141,622 | ||||
| Total revenue | 61,117 | 82,433 | 97,112 | 106,418 | 106,864 | 122,678 | 119,813 | 137,867 | ||||
| Current revenue | 60,230 | 81,682 | 96,286 | 105,159 | 105,655 | 121,207 | 118,399 | 136,226 | ||||
| Tax revenue | 49,233 | 66,027 | 79,037 | 88,364 | 89,414 | 102,383 | 100,175 | 114,990 | ||||
| Income tax | 13,110 | 17,122 | 18,537 | 19,662 | 20,555 | 24,111 | 22,747 | 26,917 | ||||
| VAT 1/ | 14,602 | 20,353 | 25,769 | 29,224 | 31,293 | 32,744 | 34,909 | 37,356 | ||||
| Excises | 1,689 | 2,187 | 2,827 | 3,775 | 3,506 | 4,824 | 3,866 | 5,669 | ||||
| Customs | 4,348 | 7,147 | 9,430 | 10,688 | 9,530 | 12,447 | 10,743 | 14,108 | ||||
| Land tax | 799 | 762 | 757 | 871 | 920 | 914 | 1,104 | 960 | ||||
| Road tax and Emergency Fund 1/ | 42 | 10 | 4 | 0 | 0 | 0 | 0 | 0 | ||||
| New turnover tax 1/ | 3,699 | 4,128 | 4,989 | 5,829 | 5,400 | 6,673 | 6,224 | 7,425 | ||||
| Social Fund (excluding government contribution) | 9,870 | 13,010 | 15,125 | 16,478 | 16,464 | 18,557 | 18,574 | 20,230 | ||||
| Other | 1,073 | 1,309 | 1,599 | 1,838 | 1,746 | 2,114 | 2,008 | 2,326 | ||||
| Nontax revenue | 10,997 | 15,655 | 17,249 | 16,795 | 16,240 | 18,824 | 18,225 | 21,236 | ||||
| Capital revenue | 887 | 751 | 826 | 1,259 | 1,209 | 1,471 | 1,414 | 1,642 | ||||
| Grants | 6,176 | 8,624 | 7,887 | 4,930 | 5,448 | 5,362 | 3,206 | 3,754 | ||||
| Program grants | 3,753 | 3,963 | 3,151 | 1,073 | 2,976 | 2,062 | 2,589 | 1,424 | ||||
| PIP grants | 2,423 | 4,661 | 4,736 | 3,857 | 2,472 | 3,300 | 617 | 2,330 | ||||
| Total expenditure (including net lending) | 80,741 | 103,787 | 121,278 | 129,620 | 130,167 | 143,979 | 138,635 | 153,188 | ||||
| Total expenditure (excluding net lending) | 80,175 | 104,125 | 122,567 | 129,620 | 130,167 | 143,979 | 138,635 | 153,188 | ||||
| Current expenditure | 68,246 | 88,408 | 98,731 | 107,361 | 106,527 | 117,426 | 115,775 | 121,670 | ||||
| Wages | 16,903 | 23,740 | 26,889 | 29,685 | 29,930 | 32,505 | 32,624 | 34,241 | ||||
| Transfers and subsidies | 9,313 | 10,958 | 10,870 | 10,856 | 10,814 | 12,312 | 12,258 | 13,925 | ||||
| Social Fund expenditures | 18,993 | 23,652 | 29,661 | 34,756 | 34,680 | 38,243 | 38,542 | 41,950 | ||||
| Interest | 1,812 | 2,756 | 2,929 | 3,469 | 3,482 | 2,887 | 3,511 | 3,185 | ||||
| Purchases of other goods and services | 21,226 | 27,302 | 28,382 | 28,596 | 27,621 | 31,479 | 28,840 | 28,370 | ||||
| Capital expenditure | 11,929 | 15,717 | 23,836 | 22,259 | 23,640 | 26,553 | 22,860 | 31,517 | ||||
| Domestically financed capital expenditure | 3,310 | 2,659 | 3,413 | 5,438 | 5,013 | 12,828 | 10,128 | 16,407 | ||||
| Foreign financed PIP loans | 6,196 | 8,397 | 15,686 | 12,964 | 16,156 | 10,425 | 12,115 | 12,780 | ||||
| Energy infrastructure projects | 0 | 1,863 | 10,117 | 6,736 | 6,804 | 5,451 | 5,506 | 5,615 | ||||
| Foreign financed PIP grants | 2,423 | 4,661 | 4,736 | 3,857 | 2,471 | 3,300 | 617 | 2,330 | ||||
| Net lending | 565 | −338 | −1,289 | 0 | 0 | 0 | 0 | 0 | ||||
| Discrepancy | −345 | −387 | −292 | 0 | 0 | 0 | 0 | 0 | ||||
| Primary balance excluding grants | −18,157 | −18,986 | −21,529 | −19,734 | −19,821 | −18,414 | −15,311 | −12,136 | ||||
| Primary balance | −11,981 | −10,361 | −13,642 | −14,804 | −14,373 | −13,052 | −12,105 | −8,381 | ||||
| Overall balance | −13,792 | −13,117 | −16,571 | −18,273 | −17,855 | −15,939 | −15,616 | −11,566 | ||||
| Overall balance excluding energy infrastructure projects | −13,792 | −11,254 | −6,454 | −11,537 | −11,052 | −10,488 | −10,110 | −5,951 | ||||
| Total financing | 13,792 | 13,117 | 16,571 | 18,273 | 17,855 | 15,939 | 15,616 | 11,566 | ||||
| External financing | 6,818 | 9,351 | 15,597 | 15,175 | 15,863 | 10,905 | 12,488 | 10,040 | ||||
| Public investment program | 6,196 | 8,397 | 16,133 | 12,964 | 16,156 | 10,425 | 12,115 | 12,780 | ||||
| Program support loans | 2,282 | 2,930 | 1,375 | 4,588 | 1,905 | 2,973 | 2,878 | 510 | ||||
| Total amortization | −1,660 | −1,976 | −1,911 | −2,378 | −2,198 | −2,493 | −2,505 | −3,250 | ||||
| Domestic financing | 918 | 3,606 | 820 | 2,939 | 848 | 1,399 | 947 | 332 | ||||
| NBKR | −1,085 | 894 | 511 | 1,739 | −952 | −1,601 | −53 | −668 | ||||
| Commercial banks | 2,205 | 272 | 1,258 | 1,200 | 1,800 | 3,000 | 1,000 | 1,000 | ||||
| Nonbank | −202 | 2,440 | −950 | 0 | 0 | 0 | 0 | 0 | ||||
| Privatization | 173 | 159 | 153 | 159 | 1,144 | 3,635 | 2,181 | 1,193 | ||||
| Use of KRDF investments abroad | 5,883 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
In 2009, the road, emergency and retail taxes have been abolished, the VAT tax rate reduced from 20 to 12 percent, and a new turnover tax introduced. Median turnover tax rate was reduced from 2.5 percent to 2 percent from January 1, 2010.
Kyrgyz Republic: General Government Finances, 2010–15
(In percent of GDP)
Yearly GDP ratios are as a percent of annual GDP. Quarterly GDP ratios are as a percent of quarterly GDP.
In 2009, the road, emergency and retail taxes have been abolished, the VAT tax rate reduced from 20 to 12 percent, and a new turnover tax introduced. Median turnover tax rate was reduced from 2.5 percent to 2 percent from January 1, 2010.
Kyrgyz Republic: General Government Finances, 2010–15
(In percent of GDP)
| 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | 2014 | 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Act. | Year Act. | Year Act. | Year Proj. | Year 3rd Rev. | Year Proj. | Year 3rd Rev. | Year Proj. | ||||||
| Total revenue and grants | 30.5 | 31.8 | 34.5 | 32.0 | 33.0 | 32.1 | 31.5 | 31.8 | |||||
| Total revenue | 27.7 | 28.8 | 31.9 | 30.6 | 31.4 | 30.8 | 30.7 | 31.0 | |||||
| Current revenue | 27.3 | 28.6 | 31.6 | 30.2 | 31.1 | 30.4 | 30.3 | 30.6 | |||||
| Tax revenue | 22.3 | 23.1 | 26.0 | 25.4 | 26.3 | 25.7 | 25.7 | 25.8 | |||||
| Income tax | 5.9 | 6.0 | 6.1 | 5.6 | 6.0 | 6.1 | 5.8 | 6.1 | |||||
| VAT 2/ | 6.6 | 7.1 | 8.5 | 8.4 | 9.2 | 8.2 | 8.9 | 8.4 | |||||
| Excises | 0.8 | 0.8 | 0.9 | 1.1 | 1.0 | 1.2 | 1.0 | 1.3 | |||||
| Customs | 2.0 | 2.5 | 3.1 | 3.1 | 2.8 | 3.1 | 2.8 | 3.2 | |||||
| Land tax | 0.4 | 0.3 | 0.2 | 0.3 | 0.3 | 0.2 | 0.3 | 0.2 | |||||
| Road tax and Emergency Fund 2/ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| New turnover tax 2/ | 1.7 | 1.4 | 1.6 | 1.7 | 1.6 | 1.7 | 1.6 | 1.7 | |||||
| Social Fund (excluding government contribution) | 4.5 | 4.5 | 5.0 | 4.7 | 4.8 | 4.7 | 4.8 | 4.5 | |||||
| Other | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |||||
| Nontax revenue | 5.0 | 5.5 | 5.7 | 4.8 | 4.8 | 4.7 | 4.7 | 4.8 | |||||
| Capital revenue | 0.4 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | |||||
| Grants | 2.8 | 3.0 | 2.6 | 1.4 | 1.6 | 1.3 | 0.8 | 0.8 | |||||
| Program grants | 1.7 | 1.4 | 1.0 | 0.3 | 0.9 | 0.5 | 0.7 | 0.3 | |||||
| Public investment program (PIP) grants | 1.1 | 1.6 | 1.6 | 1.1 | 0.7 | 0.8 | 0.2 | 0.5 | |||||
| Total expenditure (including net lending) | 36.6 | 36.3 | 39.8 | 37.2 | 38.3 | 36.1 | 35.5 | 34.4 | |||||
| Total expenditure (excluding net lending) | 36.4 | 36.4 | 40.3 | 37.2 | 38.3 | 36.1 | 35.5 | 34.4 | |||||
| Current expenditure | 31.0 | 30.9 | 32.4 | 30.8 | 31.3 | 29.5 | 29.7 | 27.4 | |||||
| Wages | 7.7 | 8.3 | 8.8 | 8.5 | 8.8 | 8.2 | 8.4 | 7.7 | |||||
| Transfers and subsidies | 4.2 | 3.8 | 3.6 | 3.1 | 3.2 | 3.1 | 3.1 | 3.1 | |||||
| Social Fund expenditures | 8.6 | 8.3 | 9.7 | 10.0 | 10.2 | 9.6 | 9.9 | 9.4 | |||||
| Interest | 0.8 | 1.0 | 1.0 | 1.0 | 1.0 | 0.7 | 0.9 | 0.7 | |||||
| Purchases of other goods and services | 9.6 | 9.5 | 9.3 | 8.2 | 8.1 | 7.9 | 7.4 | 6.4 | |||||
| Capital expenditure | 5.4 | 5.5 | |||||||||||