IMF Office in Kyrgyz Republic

Back to Top

IMF's work on Kyrgyz

• IMF Staff Completes 2023 Article IV Mission to the Kyrgyz Republic

  December 4, 2023

  The Kyrgyz economy performed strongly in 2022 and expanded at 6.3 percent despite the headwinds from the difficult regional environment. Tax revenue improved sharply, and public debt declined to 49 percent of GDP. Headline inflation fell from 14.7 percent in December 2022 to 9.2 percent in October 2023, but demand pressures have kept core inflation elevated. The current account deficit widened significantly to 43.6 percent of GDP in 2022 as non-oil imports increased by 26 percent of GDP and gold exports were suspended, while re-exports to Russia were not captured in official statistics.

• How More Effective Monetary Policy Can Tame Inflation in the Caucasus and Central Asia

  August 28, 2023

  Addressing persistent inflation also requires tackling structural factors that are making monetary policy less effective.

• How to Accelerate Economic Growth in the Caucasus and Central Asia

  July 10, 2023

  Since independence in the early 1990s, income levels and living standards in the Caucasus and Central Asia (CCA) have improved but remain well below the levels of emerging Europe. In the medium-term, reforms can increase output in the region by 5 to 7 percent.

• Opening Remarks by IMF Managing Director Kristalina Georgieva at the High-Level Roundtable Discussion on Low-Income Countries’ Challenges and Concessional Financing

  April 12, 2023

  Opening Remarks by IMF Managing Director Kristalina Georgieva at the High-Level Roundtable Discussion on Low-Income Countries’ Challenges and Concessional Financing

• IMF Executive Board Concludes 2022 Article IV Consultation with the Kyrgyz Republic

  February 16, 2023

  The economy of the Kyrgyz Republic has shown resilience to the spillovers from the war in Ukraine and is estimated to have grown by 5.5 percent in 2022, driven by gold production, trade, transportation, and agriculture. Annual inflation increased to over 15 percent during the year, mainly due to high global food and fuel prices, but core inflation also rose to double digits. The general government deficit, including lending to energy sector state-owned enterprises, is estimated to have widened to 5.2 percent of GDP in 2022 from 0.8 percent the year before, primarily due to a significant increase in public sector salaries and pensions, and public investment, offsetting efforts to strengthen tax administration that have yielded a remarkable improvement in tax revenue of around 6 percentage points of GDP. Imports are estimated to have increased considerably, partly because of higher oil prices, but also due to an increase in transit trade, while gold exports were negligible. The banking system has remained financially healthy, but non-performing loans increased to more than 12 percent of total loans.

More

Back to Top

Regional Economic Outlook