Kyrgyz Republic: Second Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Kyrgyz Republic

June 29, 2016

Preview Citation

Format: Chicago

Kyrgyz Republic: Second Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Kyrgyz Republic, (USA: International Monetary Fund, 2016) accessed November 22, 2024

Also available in: русский

Summary

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.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Credit, Crime, External debt, Financial institutions, Financial services, Loans, Public debt

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Authority, Central Asia, CR, Disbursement of SDR, Exchange rate depreciation, Global, ISCR, Kyrgyz authorities, Kyrgyz economy, Kyrgyz government, Kyrgyzstan, Loans, National bank of the Kyrgyz Republic, SDR

Publication Details

Pages:

126
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/186
Stock No:

1KGZEA2016003
ISBN:

9781475519198
ISSN:

1934-7685

Notes

Also Available in Russian

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