Bishkek, Kyrgyz Republic

May 27–28, 1998

Message from the President

Participant Biographies

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Challenges to Economies in Transition
Stabilization, Growth, and Governance
International conference in honor of the fifth anniversary of the Kyrgyz som
Cosponsors: Kyrgyz Republic and the
International Monetary Fund


Opening Ceremonies

Declaration by Mr. Marat Sultanov, Chairman, National Bank of the Kyrgyz Republic

Address by His Excellency, Askar Akaev, President, Kyrgyz Republic

Address by Mr. Michel Camdessus, Managing Director and Chairman of the Executive Board, International Monetary Fund

Address by Mr. Hans Meyer, Chairman of the Governing Board, Swiss National Bank

Session I

Prospects and Challenges of Financial Systems in Transition Economies

    Chairman: Mr. Marat Sultanov

    Speaker: Mr. Oraz Jandosov, First Deputy Prime Minister, Republic of Kazakhstan

    Discussants: Mr. Boris Fedorov, Deputy, State Duma, Russian Federation

    Mr. Lajos Bokros, Director, Private Sector and Financial Sector Development Unit, Europe and Central Asia, World Bank

Session II

Monetary and Exchange Rate Policy in Economies with Newly Independent Currencies: Lessons from Recent History

    Chairman: Mr. John Odling-Smee, Director, European II Department, IMF

    Speaker: Mr. Leonid Talmaci, Governor, National Bank of Moldova

    Discussants: Mr. Warren Coats, Advisor, Monetary and Exchange Affairs Department, IMF

    Mr. Ulan Sarbanov, Board Member, National Bank of the Kyrgyz Republic

Session III

From Stabilization to Growth: Foreign Financing and Debt Sustainability

    Chairman: Mr. Talaybek Koychumanov, Minister of Finance, Kyrgyz Republic

    Speaker: Professor Paul Wachtel, Stern School of Business, New York University

    Discussants: Mr. John Odling-Smee

    Mr. Grigori Marchenko, President, Deutsche Securities, Kazakhstan

THURSDAY, MAY 28, 1998

Session IV

Stabilization and Reform: Experience of Five Central Asian States

    Chairman: Mr. Bagrat Asatryan, President of the Association of Banks of Armenia

    Speaker: Professor Michael Kaser, Universities of Birmingham and Oxford, United Kingdom

    Discussants: Mr. Emil Abdumanapov, Deputy Chairman, National Bank of the Kyrgyz Republic

    Mr. Peter Keller Assistant Director, European II Department, IMF

Session V

Governance Issues During the Transition

    Chairman: Mr. Peter Wienand, Ambassador of Germany to the Kyrgyz Republic

    Speaker: Mr. George Abed, Senior Advisor, Fiscal Affairs Department, IMF

    Discussants: Mr. Thanos Catsambas, Deputy Chief of Eastern Division, European II Department, IMF

    Mr. Omar Sultanov, Head of President's Administration, Kyrgyz Republic

Session VI

Social Policy and Income Distribution During the Transition

    Chairman: Ms. Anna-Kristina Stjanerklint, Resident Representative, United Nations Development Program

    Speaker: Mr. Branko Milanovic, Principal Economist, Research Department, World Bank

    Discussants: Mr. Marek Dabrowski, Vice-Chairman, Center for Social and Economic Research (Poland)

    Mr. Thomas Crouch, Manager of Division 3, Programs Department (East), Asian Development Bank

Session VII

Foreign Investment During the Transition: How to Attract It, How to Make the Best Use of It

    Chairman: Mr. Nikolay Hadjiyski, Resident Representative, European Bank for Reconstruction and Development

    Speaker: Mr. Urkaly Isayev, Director, Foreign Investment Agency, Kyrgyz Republic

    Discussants: Mr. Michael Rathnam, Resident Representative, World Bank Group

    Mr. Koji Tsunokawa, Deputy Managing Director, Operations Department III, Overseas Economic Cooperation Fund (Japan)

Concluding Session

Chairman: Mr. Kubanychbek Jumaliev, Prime Minister, Kyrgyz Republic

Press Conference