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

International Monetary Fund

No 2016/055, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; Kyrgyz authorities; Kyrgyzstan; Kyrgyz authority; authority; Executive Board discussion Mr. Min Zhu; Kyrgyz government; disbursement of SDR; priority outlay; Credit; Loans; Central Asia; Global (search for similar items in EconPapers)
Pages: 129
Date: 2016-02-22
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