The Kyrgyz Republic is recovering from a deep political crisis. Agriculture, tourism, mining, and textile production will be important drivers of growth. Strong export-oriented growth and fiscal consolidation will help to reduce the current account deficit in the medium term. Executive Directors...

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...

The Kyrgyz Republic’s request for an 18-month Arrangement under the Exogenous Shocks Facility is discussed. International commodity prices continued to rise through much of 2008, resulting in a surge in inflation to more than 30 percent by mid-year and a widening of the current account...

This paper evaluates the Kyrgyz Republic’s First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). All quantitative performance criteria have been observed, and the program is on track. The end-March net international reserves target was exceeded...

Executive Directors commend the government for their achievements in macroeconomic stabilization. Continuing growth, low inflation, and stability in the foreign exchange market provide a solid foundation for the new program. Renewed effort to strengthen tax administration is required. Success in...

This paper examines the Kyrgyz Republic’s 2002 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility (PRGF), and a Request for Waiver of Performance Criterion. All performance criteria but one were observed for the period under review (April 1, 2002–September...

The Kyrgyz Republic has made good progress under the three-year Poverty Reduction Growth Facility arrangement. Executive Directors welcomed the strong macroeconomic performance and low inflation. They appreciated the fiscal consolidation by containing expenditure growth and improving tax...

This 2009 Article IV Consultation highlights that the global crisis is hurting the Kyrgyz economy mainly through trade and remittance channels. Russia and Kazakhstan remain key trading partners and the main source of remittances for the Kyrgyz economy. Directors have commended the authorities on...

The Kyrgyz authorities have maintained macroeconomic discipline in recent years, despite a challenging political environment. This 2006 Article IV Consultation highlights that the economic activity is rebounding in 2006, with year-over-year real GDP growth of 3.2 percent through September, after...

Economic activity in the Kyrgyz Republic has been buffeted by the political upheaval, and output growth has fallen short of expectations. The program builds on the country’s entrenched fiscal prudence and features a tightening in monetary policy, so as to secure rapid sustained growth in a...