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Kyrgyz Republic: 2019 Article IV Consultation-Press Release; and Staff Report

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  • International Monetary Fund

Abstract

The economy is growing steadily, benefiting from a benign regional environment, particularly in Russia, the source of most remittances and non-gold export receipts. Low inflation, lower fiscal deficits, and a stable banking sector point to the success of stabilization policies implemented by the government and National Bank of the Kyrgyz Republic (NBKR, the central bank) under eight successive Fund-supported programs. However, the economy remains vulnerable to external shocks because of the high level of remittances (29 percent of GDP), the concentration of exports on gold (37 percent of exports of goods), the level and composition of the public debt (56 percent of GDP, 4/5 of which is denominated in foreign currency), and the level of the current account deficit (8.7 percent of GDP). In addition, economic growth has been insufficient to significantly raise living standards and continue to reduce poverty.

Suggested Citation

  • International Monetary Fund, 2019. "Kyrgyz Republic: 2019 Article IV Consultation-Press Release; and Staff Report," IMF Staff Country Reports 2019/208, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2019/208
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    Cited by:

    1. Marta Halina Gebska & Piotr Lewandowski, 2022. "Geoeconomic Leaders Among the Three Seas Initiative Countries. Part 2: Research Results," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 113-132.
    2. Kireyev, Alexei & Leonidov, Andrei, 2021. "Twin trade shocks: Spillovers from US-China trade tensions," International Economics, Elsevier, vol. 167(C), pages 174-188.
    3. Lundahl, Mats & Sjöholm, Fredrik, 2020. "Economic Challenges for East Timor," Working Papers 2020:14, Lund University, Department of Economics.

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