This web page presents information about the work of the IMF in Kyrgyz Republic, including the activities of the IMF Resident Representative Office. Additional information can be found on the Kyrgyz Republic and IMF country page, including IMF reports and Executive Board documents that deal with Kyrgyz Republic.

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Kyrgyz: At a Glance

  • Current IMF membership: 190 countries
  • Kyrgyz Republic joined the Fund on May 8, 1992; Article VIII
  • Quota: SDR 88.80 million

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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.


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Regional Economic Outlook

October 12, 2023

Building Resilience and Fostering Sustainable Growth

Across the Middle East and Central Asia, the combined effects of global headwinds, domestic challenges, and geopolitical risks weigh on economic momentum, and the outlook is highly uncertain. Growth is set to slow this year in the Middle East and North Africa region, driven by lower oil production, tight policy settings in emerging market and middle-income economies, the conflict in Sudan, and other country-specific factors. In the Caucasus and Central Asia, although migration, trade, and financial inflows following Russia’s war in Ukraine continue to support economic activity, growth is set to moderate slightly this year.

Read the Report