The study reviews the macroeconomic developments in the Kyrgyz Republic following the collapse of the Soviet Union, when adjustments were required since output fell by fifty percent between 1991-95, resulting in adverse fiscal consequences, which triggered losses in tax revenues, along with the...

Intro -- CONTENTS -- Abstract -- Acknowledgments -- Abbreviations and Acronyms -- Executive Summary -- Fiscal Policy Faces Historical and Structural Constraints -- Fiscal Trends and Challenges -- Pro-Poor Expenditure and the Room for Additional Fiscal Space -- Public Expenditure Management (PEM)...