Kyrgyz Republic: 2025 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, June 4, 2025
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- Kyrgyz Republic: 2025 Article IV Consultation-Press Release; and Staff Report
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Bibliographic details
- Published: June 4, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229013031.002
Macroeconomic performance and outlook
- The Kyrgyz Republic has shown "strong economic performance despite global uncertainties" with "robust growth, stabilizing inflation, and declining public debt."
- Growth is expected to "gradually moderate as external trade normalizes and domestic demand slows."
- Inflation is expected to "remain stable with continued prudent monetary policy."
- Medium-term priorities in view of "heightened global uncertainty" include rebuilding policy buffers and advancing structural reforms to strengthen the economy’s resilience to shocks and support higher and more inclusive growth.
Fiscal position and public debt
- "Strong revenue performance and a prudent fiscal stance coupled with high gross domestic product growth have contained public debt."
- To "further strengthen fiscal sustainability and create fiscal space for large development needs," authorities should:
- reduce tax exemptions and special tax regimes;
- increase progressivity of the Personal Income Tax;
- further strengthen revenue administration.
Monetary and financial policy
- Sustaining macroeconomic stability will require:
- rebuilding policy buffers;
- enhancing fiscal sustainability;
- safeguarding monetary policy independence;
- advancing structural reforms to boost productivity.
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