The paper examines how the evolution from a classical centrally planned economy to a more market-oriented system will enhance the linkage between the exchange rate and the domestic price level. However, during the transition--as the economy continues to be predominantly state-owned, the...

In economies in transition, the development of financial markets is a common objective linking the monetary and fiscal authorities, while monetary and public debt management cannot be strictly separated. This calls for close coordination of objectives and instruments of monetary and debt...

Using data for a sample of developing and transition countries, this paper estimates the relationship between government spending on health care and education, and social indicators. Unlike previous studies, where social indicators are used as proxies for the unobservable health and education...

Der Bericht beschreibt das wirtschaftliche Umfeld in Kirgisien. Im ersten Kapitel werden Hintergrundinformationen über Kirgisien gegeben wie zur Bevölkerung und Geographie, zur Wirtschaftsstruktur und zum institutionellen Rahmen der Wirtschaftspolitik. Das zweite Kapitel bescheibt die jüngere...

The joint World Bank/IMF Debt Sustainability Analysis (DSA) has been prepared in the context of the 2019 Article IV Consultation, for the first time based on the revised framework for low-income countries. Results indicate moderate risk of debt distress for both external and overall public debt....

This occasional paper provides an overview of the economic reform experiences of the Central Asian states of the former Soviet Union since their independence at the turn of the decade. The choice of countries reflects not only a geographical grouping, but also similarities in the types of...

The Kyrgyz government faces challenges of political turmoil and inter-ethnic flare-ups. The fiscal policy response to the economic crisis is appropriate, but there are limits to the expansion. The balances between revenue and expenditure choices as well as a shortfall in donor budget financing...

This paper analyzes progress on the Poverty Reduction Strategy Paper—Country Development Strategy (PRSP–CDS) in the Kyrgyz Republic for 2007–10. The CDS is the most important concept paper that outlines midterm vision of the Kyrgyz Republic. The paper also discusses that there is a clear...

This paper presents a preliminary assessment of the Kyrgyz Republic’s eligibility for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. It provides background information on the country’s eligibility under the enhanced HIPC Initiative. It summarizes the...

The paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for the Kyrgyz Republic. Output is rebounding and inflation remains subdued. However, most end-December 2006 and end-March 2007 structural benchmarks have been missed, partly because of...