Kyrgyz Republic Public Expenditure Review Policy Notes : Strategic Setting

The current approach to fiscal policy is delivering suboptimal outcomes for the citizens of the Kyrgyz Republic. The past five years have been difficult for the Kyrgyz Republic, with one shock following another. Government spending ballooned to 39...

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Bibliographic Details
Main Author:	World Bank
Format:	Public Expenditure Review
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNTABILITY ACCOUNTING AMORTIZATION ANNUAL RATE ANTI-CORRUPTION PROGRAM ASSET RATIO BALANCE OF PAYMENTS BANKING SECTOR BASELINE SCENARIO BORROWING STRATEGY BROAD MONEY BUDGET ALLOCATION BUDGETING BUSINESS CYCLE CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL EXPENDITURES CAPITAL GAINS CAPITAL INFLOWS CAPITAL SPENDING CAPITAL STOCK CASH MANAGEMENT CENTRAL BANK CHECKS CLASSIFICATION OF EXPENDITURES COMPOSITION OF PUBLIC SPENDING CONSUMER GOODS CONSUMER PRICE INDEX CONTINGENT LIABILITY COST-RECOVERY COUNTRY RISK CREDIBILITY CREDIT INFORMATION CREDITWORTHINESS CURRENCY CURRENT ACCOUNT DEFICIT DEBT BURDEN DEBT FLOWS DEBT LEVELS DEBT MANAGEMENT DEBT RATIO DEBT SERVICE DEBT SERVICING DEBT SUSTAINABILITY DEFICIT REDUCTION DEMOCRATIC GOVERNANCE DEPOSIT DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DISCOUNT RATE DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEMAND DOMESTIC MARKETS ECONOMIC DEVELOPMENT ECONOMIC SHOCKS EDUCATION POLICY EDUCATION SPENDING EQUIPMENT EXCHANGE RATE EXCHANGE RATES EXOGENOUS SHOCKS EXPENDITURE EXPENDITURE CUTS EXPENDITURES EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL FINANCING EXTERNAL SHOCKS FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL POSITION FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENTS FINANCIAL STATEMENTS FISCAL ACCOUNTS FISCAL ADJUSTMENT FISCAL ADJUSTMENTS FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL IMBALANCE FISCAL POLICIES FISCAL POLICY FISCAL POSITION FISCAL SUSTAINABILITY FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN FINANCING GOVERNANCE ISSUES GOVERNMENT BUDGET GOVERNMENT BUDGETS GOVERNMENT REVENUES GOVERNMENT SPENDING GOVERNMENT SUPPORT GRACE PERIODS GROSS DOMESTIC PRODUCT GROWTH POTENTIAL HEALTH SERVICES INCOME LEVELS INCOME TAX INFLATION INFLATION RATES INFLATIONARY PRESSURES INFORMATION SYSTEM INFORMATION SYSTEMS INFRASTRUCTURE PROJECTS INSTRUMENT INSURANCE INTEREST RATES INTERGOVERNMENTAL TRANSFERS INTERNAL AUDIT INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT CLIMATE INVESTMENT POLICIES JUDICIAL SYSTEM LACK OF TRANSPARENCY LEGAL FRAMEWORK LEVY LIQUIDITY LIVING STANDARDS LOAN LOCAL INFRASTRUCTURE MACROECONOMIC INDICATORS MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC VOLATILITY MARKET PRICE MARKET PRICES MICRO ENTERPRISES MINISTRY OF FINANCE MISTRUST MONETARY FUND MONETARY POLICY NATIONAL AUTHORITIES NATIONAL BANK OPEN ECONOMY PENSION PENSION SYSTEM PENSIONS PERCEPTIONS OF GOVERNMENT PERSONAL INCOME POLICY RESPONSES POLITICAL STABILITY PORTFOLIO POTENTIAL INVESTORS POVERTY REDUCTION PRESENT VALUE PRIVATE INVESTMENT PRIVATE SECTOR PUBLIC AUTHORITIES PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE POLICY PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC FINANCIAL MANAGEMENT PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC INVESTMENT PROGRAM PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC REVENUES PUBLIC SECTOR PUBLIC SECTOR REFORM PUBLIC SERVICES PUBLIC SPENDING PUBLIC SPENDING PATTERNS REAL EXCHANGE RATE REFERENDUM REGULATORY FRAMEWORKS REMITTANCE REMITTANCES RESERVES RETURNS RULE OF LAW SECTOR POLICIES SECTOR POLICY SECTORAL POLICY SECURITIES SMALL BUSINESS SMALL BUSINESSES SOCIAL ASSISTANCE SOCIAL CAPITAL SOCIAL INSURANCE FUND SOCIAL INSURANCE SYSTEM SOCIAL PROTECTION STRUCTURAL DEFICIT STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS TAX TAX BASE TAX COLLECTION TAX POLICY TAX RATE TAX RATES TAX REGIME TAX REGIMES TAX SYSTEM TRADE CREDITS TRADING TRADING COSTS TRANSITION ECONOMIES TRANSPARENCY TREASURY TURNOVER UNCERTAINTY
Online Access:	http://documents.worldbank.org/curated/en/2014/05/19712234/kyrgyz-republic-public-expenditure-review-policy-notes-strategic-setting http://hdl.handle.net/10986/19310

Description
Summary:	The current approach to fiscal policy is delivering suboptimal outcomes for the citizens of the Kyrgyz Republic. The past five years have been difficult for the Kyrgyz Republic, with one shock following another. Government spending ballooned to 39 percent of GDP in 2012 one of the highest ratios among developing countries globally, as the authorities tried to mitigate the shocks. However, despite increases in spending, the quality of health services remains poor; above 80 percent of 15 year-olds are classified as illiterate; wages in the public sector are low; and only 6 percent of social assistance reaches the poorest members of society. In addition, risks are mounting in the pension system, few instruments exist to support the vulnerable and the physical capital stock is depreciating, especially in the energy sector. This Public Expenditure Review (PER) focuses on the effectiveness, level, and composition of public spending in number of sectors. The objective of this synthesis note is to better understand the overall environment for fiscal policy as well as the nature and composition of public revenues and expenditures. The sectoral policy notes review the challenges and options in specific sectors, namely, education, health, pensions, social protection, and energy as well as cross-cutting themes such as the wage-bill and public investment management and intergovernmental relations. While more detailed sector-specific recommendations are contained in the sectoral policy notes, more general recommendations on fiscal policy will also contribute to sustainable fiscal consolidation.

Kyrgyz Republic Public Expenditure Review Policy Notes : Strategic Setting

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