Press Release No. 09/215

Press Release: Statement by the IMF Managing Director Dominique Strauss-Kahn at the Conclusion of his Visit to the Kyrgyz Republic

June 17, 2009

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Bishkek at the conclusion of his visit to the Kyrgyz Republic:

“It is my first visit to the Kyrgyz Republic since becoming Managing Director of the IMF. I would like to thank the people of the Kyrgyz Republic, President Bakiev, Prime Minister Chudinov and senior members of their economic team for the open and productive discussions. I also had an opportunity today to exchange views with students and faculty from several Kyrgyz universities on the impact of the crisis on the region. I was impressed by a strong determination on the part of both authorities and the public to overcome the challenges caused by the external economic shocks, including contraction in Kazakhstan and Russia, key trading partners and the main sources of remittances. The continued commitment of the Kyrgyz people to carry out economic reforms is a very important element of the country’s success on the path to prosperity and economic stability.

“I believe the Kyrgyz authorities should be commended for their swift response to the crisis and strong economic performance, supported by the Fund’s Exogenous Shocks Facility program. In my discussions with the authorities we agreed that the fiscal stimulus packages in 2009 supported by the donor community are necessary to sustain economic activity and to increase social spending to protect the poor and vulnerable groups. I was encouraged by the government’s commitment to use the large financial support provided by the Russian Federation within the medium-term fiscal framework.

“I assured the Kyrgyz authorities and the public that IMF is committed to provide continuing financial support and technical assistance to the Kyrgyz Republic to help manage the effects of the global crisis, raise the country’s growth potential and alleviate poverty.”

The Fund is currently supporting the Kyrgyz Republic with an Exogenous Shock Facility arrangement (see Press Release No. 09/184).