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Kyrgyz Republic Sixth Review Under The Three Year Arrangement Under The Extended Credit Facility Staff Report And Press Release
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Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1498340679 Total Pages :83 pages Book Rating :4.4/5 (983 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-07-11 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Kyrgyz Republic’s Sixth Review Under the Three-Year Arrangement Under the Extended Credit Facility. Following exceptionally strong performance in 2013, growth is moderating to a more sustainable pace. The program is broadly on track, with all end-December 2013 quantitative performance criteria and all but one indicative targets (IT) met for end-December 2013. Although three March 2014 ITs were missed, since then there has been progress in rebuilding reserves and enhancing tax collections. The two structural benchmarks for end-December were met. The IMF staff supports the completion of the sixth and final review.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1484364031 Total Pages :119 pages Book Rating :4.4/5 (843 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2015-05-14 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the Kyrgyz Republic’s Request for a Three-year Arrangement Under the Extended Credit Facility (ECF). Performance under the previous ECF arrangement, which expired last July, was good. Macroeconomic stability was restored, fiscal consolidation was stronger than planned, monetary policy was enhanced through a new interest rate-based framework, and supervision was strengthened in the financial sector. Although performance under the last ECF arrangement was good, new challenges have emerged, and some key reforms have yet to be implemented. The IMF staff supports the authorities’ request for a three-year arrangement under the ECF.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1498392539 Total Pages :83 pages Book Rating :4.4/5 (983 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-07-11 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Kyrgyz Republic’s Sixth Review Under the Three-Year Arrangement Under the Extended Credit Facility. Following exceptionally strong performance in 2013, growth is moderating to a more sustainable pace. The program is broadly on track, with all end-December 2013 quantitative performance criteria and all but one indicative targets (IT) met for end-December 2013. Although three March 2014 ITs were missed, since then there has been progress in rebuilding reserves and enhancing tax collections. The two structural benchmarks for end-December were met. The IMF staff supports the completion of the sixth and final review.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1484302885 Total Pages :126 pages Book Rating :4.4/5 (843 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2017-06-02 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the Kyrgyz Republic’s Third Review under the Three-Year Arrangement under the Extended Credit Facility (ECF) and the Request for Modification of Performance Criteria (PCs). Program conditionality has been broadly met. All end-June 2016 quantitative PCs and indicative targets have been met. All but two structural benchmarks were met. The review of subsidies was not completed on time owing to limited capacity. The authorities are requesting modification of PCs to reflect the revised macroeconomic outlook and the availability of the fourth disbursement on completion of the review. The IMF staff supports completing the third review of the authorities' program under the ECF arrangement.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1616357266 Total Pages :95 pages Book Rating :4.6/5 (163 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2012-12-12 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Kyrgyz Republic has stabilized with the formation of a new coalition, but political uncertainty remains. Despite a slump in gold production and delays in donor financing, monetary and fiscal policies remained prudent. Improving the business climate, good governance, and strong institutions remain key to sustaining strong growth over the medium term. Fiscal consolidation with strong revenue measures and prudent expenditure policies are instrumental in safeguarding macroeconomic stability. More forceful reform efforts are needed to ensure long-term viability of the banking sector.
Book Synopsis Kyrgyz Republic by : International Monetary Fund
Download or read book Kyrgyz Republic written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-12-14 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Kyrgyz Republic is emerging from a deep political crisis. In April 2010, a popular uprising toppled the previous regime and internal ethnic conflict in June 2010 exacerbated the already difficult political situation. The crisis has adversely affected economic activity and near-term growth prospects, straining the government’s financial position, which has been worsened further by critical reconciliation, recovery, and reconstruction needs. Continued growth in Russia and Kazakhstan, combined with high gold prices, contributed to an expansion in remittances and gold exports by 33 percent and 74 percent, respectively.
Book Synopsis Kyrgyz Republic by : International Monetary Fund
Download or read book Kyrgyz Republic written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-05-15 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1451821492 Total Pages :107 pages Book Rating :4.4/5 (518 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund
Download or read book Kyrgyz Republic written by International Monetary Fund and published by International Monetary Fund. This book was released on 2005-03-29 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: The staff report for the Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on the Kyrgyz Republic highlights the economic developments and policies. To ensure that the external debt ratios fall, the program introduces a new indicative target for concessional public borrowing. Low inflation and strong productivity growth to contain unit labor costs are crucial to set up favorable conditions for nongold exports. The key to boost productivity is higher private investment, and the program focuses on improving the investment climate.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1475519192 Total Pages :142 pages Book Rating :4.4/5 (755 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Kyrgyz Republic written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-06-29 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: External shocks continue to shape both the outlook and policies. A weaker-than-expected external environment is hurting growth, straining the budget, and raising public debt and banking sector vulnerabilities. The authorities’ response to shocks has focused on exchange rate flexibility and unorthodox stimulus measures, although the budget deficit in 2015 was well within the program target. For 2016, the authorities are undertaking additional efforts to adhere to the program’s fiscal commitments. Financial sector vulnerabilities and risks are high and rising. Slow progress toward passing the Banking Law that aims to introduce a modern bank resolution system and increase the independence of the National Bank of the Kyrgyz Republic remains a concern. The change in the cabinet just six months after the elections underlines the fluidity of the country’s political situation.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :148434295X Total Pages :106 pages Book Rating :4.4/5 (843 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2018-02-22 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Kyrgyz Republic’s Fourth and Fifth Reviews Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria (PCs). Program performance has been mixed. All end-December 2016 and end-June 2017 quantitative PCs, and all but three indicative targets (ITs) were met. The December 2016 IT on tax revenue, the continuous IT on introducing new or renewing existing tax exemptions, and the June 2017 IT on reserve money were not observed. Six structural benchmarks were missed, of which five were proposed to be postponed or modified at the time of the fourth review. Resuming the reform agenda and pursuing consolidation efforts are essential to allow growth to reach its potential over the medium term.
Book Synopsis Kyrgyz Republic by : International Monetary Fund
Download or read book Kyrgyz Republic written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-06-04 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Poverty Reduction and Growth Facility (PRGF) arrangement approved in February 2005 has aimed to preserve solid growth while maintaining low inflation, further reduce poverty, and tackling the Kyrgyz Republic's large external debt overhang. The March 2005 'Tulip Revolution' has provided an opportunity to advance reforms, particularly in the area of governance, but lingering political tensions slowed progress. The political turmoil adversely has affected growth, but inflation remained low until recently. The political difficulties also slowed efforts to improve the business environment, although some progress has been made.
Download or read book Kyrgyz Republic written by and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1475536380 Total Pages :94 pages Book Rating :4.4/5 (755 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2013-06-25 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The shift to a parliamentary democracy in 2010 provided an impetus for the Kyrgyz Republic to reform the economy. Despite the recent progress, the Kyrgyz Republic faces significant economic challenges, which will require actions on many fronts. Improving the business climate, governance, and institutions remains a key pillar of sustainable and inclusive growth. Restoring fiscal sustainability will be essential, as the budget has become more dependent on external assistance since the 2009 global and 2010 domestic crises. Tight monetary policy continues to be warranted to keep inflation at bay.
Book Synopsis Kyrgyz Republic by : International Monetary Fund
Download or read book Kyrgyz Republic written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-11-28 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: The staff report for the Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on the Kyrgyz Republic highlights recent economic developments and performance. The current account deficit continued to widen on account of higher imports driven by strong demand, but was more than financed by private capital inflows. Policy discussions focused on the challenges posed by the sharp uptick in inflation in the context of exogenous shocks and global financial turbulence. Continued fiscal restraint is important both for reducing inflation and for enhancing debt sustainability.
Download or read book Kyrgyz Republic written by and published by . This book was released on 2015 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: KEY ISSUES Context. Performance under the previous Extended Credit Facility (ECF) arrangement, which expired last July, was good. Macroeconomic stability was restored, fiscal consolidation was stronger than planned, monetary policy was enhanced through a new interest rate-based framework, and supervision was strengthened in the financial sector. Nevertheless, the economy is facing challenges: (i) a weak regional economic environment, (ii) some key reforms have yet to be implemented, particularly in PFM and the banking sector, and (iii) a higher public debt due to the materialization of an ambitious investment program. Accession to the Eurasian Economic Union (EEU) is expected to take effect in May, and parliamentary elections are slated for late 2015. Program objectives. In light of the challenges, the Kyrgyz authorities have requested a new 36-month ECF arrangement, with access equivalent to SDR 66.6 million (or 75 percent of quota). The program aims to support the authorities' efforts to generate inclusive growth and reduce poverty through reducing macroeconomic vulnerabilities, achieving fiscal sustainability, supporting banking sector reforms, strengthening debt management, and encouraging structural reforms to expand the economy's potential. The program would also help unlock support from official lenders and provide safeguards against adverse shocks. Program policies. Fiscal consolidation will pause in 2015 to accommodate external shocks, but will resume in 2016--17 to maintain public debt at sustainable levels. Public debt management will be strengthened through the preparation of a medium-term debt management strategy to be complemented by a review of the public investment framework. Monetary policy will be tighter to keep inflation under control. The exchange rate will continue to be flexible, with limited interventions to smooth volatility. Banking sector resilience will be strengthened through the introduction of macro-prudential measures and the adoption of a comprehensive Banking Code. Structural reforms will be stepped up to expand the economy's potential. Staff views. Staff supports the authorities' request for an ECF arrangement under a Fund-supported program. The LOI/MEFP provides an adequate set of policies to pursue the objectives of the Fund-supported program.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1475523882 Total Pages :129 pages Book Rating :4.4/5 (755 download)
Book Synopsis Kyrgyz Republic by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2016-02-22 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Kyrgyz Republic by : Fondo Monetario Internacional
Download or read book Kyrgyz Republic written by Fondo Monetario Internacional and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
