{
  "title": "Kyrgyz Republic: Fiscal Risks from State-owned Enterprises",
  "publication": "Selected Issues Papers, June 18, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/selected-issues-papers/issues/2025/06/17/kyrgyz-republic-fiscal-risks-from-state-owned-enterprises-567808",
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  "summary": "State-owned enterprises (SOEs) in the Kyrgyz Republic play a significant role in the economy but also present potential fiscal risks. This paper assesses these risks through both aggregate and firm-level lenses.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- State-owned enterprises (SOEs) in the Kyrgyz Republic play a significant role in the economy but present potential fiscal risks.\n- The paper assesses these risks through both aggregate and firm-level lenses, using financial indicators to identify vulnerabilities."
    },
    {
      "heading": "Aggregate assessment",
      "content": "- The total amount of liabilities of largest SOEs liabilities amounted to approximately 25 percent of GDP, raising concerns about contingent fiscal liabilities."
    },
    {
      "heading": "Firm-level assessment",
      "content": "- Assessment based on key financial indicators:\n  - Profitability\n  - Solvency\n  - Liquidity\n- Findings:\n  - Vulnerabilities are confirmed at the firm level, particularly among large SOEs in the energy sector.\n  - Low profitability in the energy sector largely reflects tariffs set below cost-recovery levels."
    },
    {
      "heading": "Policy recommendations and implications",
      "content": "- Strengthen SOE oversight.\n- Improve financial transparency of SOEs.\n- Advance reforms to mitigate fiscal risks, with particular focus on the energy sector where tariff-setting undermines cost recovery and profitability."
    },
    {
      "heading": "Key statistics and metadata",
      "content": "- Publication date: June 18, 2025\n- Pages: 19\n- Series: Selected Issues Paper No. 2025/083\n- DOI: https://doi.org/10.5089/9798229014045.018\n\nSource: Kyrgyz Republic: Fiscal Risks from State-owned Enterprises\n\n---\n\n Content in this bundle\n\n- Sipea2025083\n  - Sipea2025083 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Sipea2025083 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/selected-issues-papers/issues/2025/06/17/kyrgyz-republic-fiscal-risks-from-state-owned-enterprises-567808"
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    "Authors: Natalie Manuilova, Anh D. M. Nguyen, Erkeaim Shambetova",
    "Published: June 18, 2025",
    "Series: Selected Issues Papers",
    "DOI: https://doi.org/10.5089/9798229014045.018",
    "State-owned enterprises (SOEs) in the Kyrgyz Republic play a significant role in the economy but present potential fiscal risks.",
    "The paper assesses these risks through both aggregate and firm-level lenses, using financial indicators to identify vulnerabilities.",
    "The total amount of liabilities of largest SOEs liabilities amounted to approximately 25 percent of GDP, raising concerns about contingent fiscal liabilities.",
    "Assessment based on key financial indicators:",
    "Findings:",
    "Strengthen SOE oversight.",
    "Improve financial transparency of SOEs.",
    "Advance reforms to mitigate fiscal risks, with particular focus on the energy sector where tariff-setting undermines cost recovery and profitability.",
    "Publication date: June 18, 2025",
    "Pages: 19",
    "Series: Selected Issues Paper No. 2025/083",
    "DOI: https://doi.org/10.5089/9798229014045.018",
    "**Sipea2025083**"
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