IMF Staff Country Reports

Kyrgyz Republic: 2015 Staff Report for the 2015 Article IV Consultation and First Review under the Three-year Arrangement under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Kyrgyz Republic

February 22, 2016

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Kyrgyz Republic: 2015 Staff Report for the 2015 Article IV Consultation and First Review under the Three-year Arrangement under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Kyrgyz Republic, (USA: International Monetary Fund, 2016) accessed November 8, 2024

Also available in: русский

Summary

The economy has shown some resilience in the face of adverse regional shocks but potential growth is constrained by persistent structural challenges, particularly lagging productivity and dependence on gold, remittances, and foreign aid. Satisfactory performance under the program during the first half of the year was followed by fiscal slippages in the run-up to the October elections and a delay in adopting the Banking Code, a key measure to strengthen central bank independence and the bank resolution framework. The combined impact of a large public investment program and currency depreciation has raised the public debt ratio markedly. Significant further depreciation could pose risks for the otherwise well capitalized, but highly dollarized, financial sector. The business environment remains weak, overshadowed by lingering disagreements between the authorities and the largest foreign investor.

Subject: Banking, Credit, External debt, Financial institutions, Financial services, Loans, Money, Public debt

Keywords: Authority, Central Asia, CR, Credit, Disbursement of SDR, Executive Board discussion Mr. Min Zhu, Global, ISCR, Kyrgyz authorities, Kyrgyz authority, Kyrgyz government, Kyrgyzstan, Loans, Priority outlay

Publication Details

  • Pages:

    129

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2016/055

  • Stock No:

    1KGZEA2016001

  • ISBN:

    9781475523881

  • ISSN:

    1934-7685

Notes

Also available in Russian

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