Kyrgyz Republic : Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria.
Title:
Kyrgyz Republic : Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria.
Author:
Asia Dept., International Monetary Fund. Middle East and Central.
ISBN:
9781484330555
Personal Author:
Physical Description:
1 online resource (103 pages)
Series:
IMF Staff Country Reports
Contents:
Cover -- CONTENTS -- RECENT DEVELOPMENTS -- A. Context -- B. Recent Developments -- C. Program Implementation -- D. Medium-Term Outlook and Risks -- POLICY DISCUSSION -- A. Fiscal Policy -- B. Monetary Policy -- C. Financial Sector Policies -- D. Structural Policies -- PROGRAM AND OTHER ISSUES -- STAFF APPRAISAL -- BOXES -- 1. Spillovers from Russia -- 2. Infrastructure Projects Over 2013-17 -- 3. 2013 FSAP Update Recommendations -- FIGURE -- 1. Recent Economic Developments 2010-13 -- TABLES -- 1. Selected Social and Economic Indicators, 2011-18 -- 2. Balance of Payments, 2011-18 -- 3. NBKR Accounts, 2011-14 -- 4. Monetary Survey, 2011-14 -- 5. General Government Finances, 2011-15 (in millions of soms) -- 6. General Government Finances, 2011-15 (in percent of GDP) -- 7. State Government Finances, 2011-15 (in millions of soms) -- 8. State Government Finances, 2011-15 (in percent of GDP) -- 9. Social Fund Operations, 2011-15 -- 10. General Government Operations, GFSM 2001 Presentation, 2011-15 -- 11. Proposed Reviews and Disbursements Under the Three-Year Extended Credit Facility Arrangement -- 12. Indicators of Capacity to Repay the Fund, 2013-18 -- 13. Quantitative Performance Criteria and Indicative Targets Under the Extended Credit Facility, June 2012-June 2013 -- 14. Structural Benchmarks under the Extended Credit Facility for 2013-14 -- ANNEX -- I. Debt Sustainability Analysis Update -- APPENDIX -- I. Letter of Intent -- Attachment I. Revised Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND -- RELATIONS WITH THE WORLD BANK GROUP -- RELATIONS WITH THE ASIAN DEVELOPMENT BANK (ADB) -- RELATIONS WITH THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD) -- TECHNICAL ASSISTANCE PROVIDED BY THE FUND -- STATISTICAL ISSUES.
Abstract:
EXECUTIVE SUMMARYPolitical context. The political environment has been broadly stable, albeit the ongoingdispute with gold company Centerra is creating tensions. In September, the governmentand Centerra signed a memorandum of understanding which stipulated the exchangeof 33 percent of the government's share in Centerra for a 50 percent stake in Kumtor.Parliament, however, asked for further negotiations with a view to increase the Kyrgyzshare in the joint venture. The Kyrgyz parliament approved the legislation to close theManas Transit Center in July 2014.Background. Growth (both overall and nongold) was strong over the first nine monthsof 2013 (9.2 and 6.1 percent, respectively) and inflation has declined steadily. Intensivepublic investment programs and the decline in gold prices are putting temporarypressures on the current account. The loss of nontax revenues related to the closure ofthe Manas Transit Center next year is creating headwinds for fiscal consolidation.Nonetheless, the medium-term outlook is broadly favorable, despite the slowdown inthe region. System-wide financial stability indicators have been broadly sound and thecapitalization of Zalkar bank, which was renamed Rosinbank, is underway.Program. The program is broadly on track with all end-June 2013 quantitativeperformance criteria, and all but one indicative targets met. The end-Septemberstructural benchmark on issuing regulations to expand commitment control to localbudgets and special means was missed. Issuing the regulations is a prior action for thisreview. The authorities are requesting the sixth disbursement (SDR 9.514 million) tobecome available upon completion of this review.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Genre:
Electronic Access:
Click to View