Debt Management Performance Assessment : Kyrgyz Republic
The Kyrgyz Republic became a parliamentary democracy in 2010 following political turmoil and ethnic unrest. Kyrgyz Republic’s economy has been resilient; however, the growth momentum of the past few years has been declining due to the difficult glo...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2016/04/26219339/kyrgyz-republic-debt-management-performance-assessment-dempa http://hdl.handle.net/10986/24393 |
| Summary: | The Kyrgyz Republic became a
parliamentary democracy in 2010 following political turmoil
and ethnic unrest. Kyrgyz Republic’s economy has been
resilient; however, the growth momentum of the past few
years has been declining due to the difficult global
economic environment and regional conflicts’ spillover
effects on the country. While the shift provided a drive for
critical fiscal reforms, financial sector reforms turned out
to be challenging. The country successfully completed a
three-year arrangement under the Extended Credit Facility in
2014. During the period, macro-economic stability was
restored, and growth picked up. Inflation was kept below 10
per cent throughout the program. However, deepening economic
crisis in Russia, adverse weather and the initial impact of
the accession to the Eurasian Economic Union were the key
contributing factors to the worsening outlook in 2015.
Weaker demand in Russia and Kazakhstan adversely affect the
exports and re-export sectors. Remittances from workers in
Russia and Kazakhstan, which contribute about 30 percent of
the country’s economy, have slowed down, and are expected to
decline by more than 10 percent in 2015. |
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