Kyrgyz Republic: 2019 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, July 3, 2019
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- Kyrgyz Republic: 2019 Article IV Consultation-Press Release; and Staff Report
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- Published: July 3, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498324199.002
Economic performance and stabilization outcomes
- The economy is growing steadily, benefiting from a benign regional environment, particularly in Russia, the source of most remittances and non-gold export receipts.
- Low inflation.
- Lower fiscal deficits.
- A stable banking sector.
- These outcomes point to the success of stabilization policies implemented by the government and National Bank of the Kyrgyz Republic (NBKR, the central bank) under eight successive Fund-supported programs.
External and fiscal vulnerabilities
- High level of remittances: 29 percent of GDP.
- Concentration of exports on gold: 37 percent of exports of goods.
- Level and composition of public debt: 56 percent of GDP, 4/5 of which is denominated in foreign currency.
- Current account deficit: 8.7 percent of GDP.
- Together these factors make the economy vulnerable to external shocks.
Social outcomes and growth adequacy
- Economic growth has been insufficient to significantly raise living standards and continue to reduce poverty.
Source: Kyrgyz Republic: 2019 Article IV Consultation-Press Release; and Staff Report.
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