## Kyrgyz Republic: 2019 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, July 3, 2019_

## Source details

**Canonical URL:** [Kyrgyz Republic: 2019 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2019/07/02/kyrgyz-republic-2019-article-iv-consultation-press-release-and-staff-report-47085)

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## Bibliographic details
- Published: July 3, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498324199.002

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### 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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_Source: https://www.imf.org/en/publications/cr/issues/2019/07/02/kyrgyz-republic-2019-article-iv-consultation-press-release-and-staff-report-47085_