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Mr. Obert Nyawata

U pon the break-up of the Soviet Union, the Kyrgyz Republic, as other transition economies, faced major challenges in reforming its legal and institutional framework to facilitate economic reforms and strengthen market mechanisms. In the initial stages, the country had to cope with major macroeconomic imbalances, including high levels of inflation. Nevertheless, the Kyrgyz government persevered with their economic reforms, and in the process, restored macroeconomic stability at low levels of inflation, and developed the basic instruments and infrastructure

International Monetary Fund. Middle East and Central Asia Dept.

. 3. To minimize risks associated with the SDB, the Kyrgyz government should be guided by best international practice : Clear mandate and market-oriented funding mechanisms would help SDB to be successful in its role . Periodic mandate reviews would help reassess the relevance of SDB as market failures dissipate over time, including through other policy measures. Market-oriented funding mechanisms would foster the financial sustainability of the SDB and encourage better planning and risk assessments of projects. While these mechanisms could include donor

International Monetary Fund. Middle East and Central Asia Dept.

still ranks low and is among the countries with minimal transparency of budget operations . The score (20 out of 100) is well below the scores for most other countries in the region because the Kyrgyz government provides limited information to the public on the national government’s budget and financial activities during the course of the budget year. Budget oversight and public engagement are particularly weak. 5. Representatives of the private sector confirmed that the main impediments to the business environment continue to prevail, but pointed out some other

International Monetary Fund. Middle East and Central Asia Dept.

Brazil, tax incentives distorted the tax system, lowered revenue, and did not stimulate investment ( Estache and Gaspar, 1995 ). Tax holidays in Malaysia could not promote investment in targeted activities ( Boadway, Chua and Flatters, 1995 ). In Thailand, investment would have increased even in the absence of incentives because the rate of return was high enough ( Halvorsen, 1995 ). 19. To decide whether incentives should be applied, the Kyrgyz government needs to have clear estimates of costs and benefits, which, however, are difficult to assess . Direct costs that

International Monetary Fund

. Active unsterilized central bank intervention in the foreign exchange market since early 2006 in response to a surge in workers’ remittances and short-term capital inflows has fanned monetary expansion, and the authorities will need to tighten monetary policy in the period ahead to keep inflation in check. Executive Board Assessment Directors commended the Kyrgyz government for maintaining economic stability and pressing ahead with reforms, despite the challenging political environment. Directors welcomed the government’s commitment to build further on these

International Monetary Fund. Middle East and Central Asia Dept.

region and IFC is seeking to engage with the Kyrgyz government to assist with privatizations and concessions. IFC PPP team provided assistance in managing privatization of Zalkar Bank and will be assisting the Government in implementing CASA 1000 energy project. IFC Strategy and Program: Increase access to finance for MSMEs by strengthening local financial institutions and providing credit lines for MSME financing to local banks and expanding microfinance institutions. Develop institutional capacity and support capacity building of financial institutions

International Monetary Fund. Middle East and Central Asia Dept.

transmission, hydropower plants, and municipal utilities. In addition, an IFC PPP Advisory program is being implemented in the Central Asia region and IFC is seeking to engage with the Kyrgyz government to assist with privatizations and concessions. IFC PPP team provided assistance in managing privatization of Zalkar bank and will be assisting the Government in implementing CASA 1000 energy project. IFC strategy and program: Increase access to finance for MSMEs by strengthening local financial institutions and providing credit lines for MSME financing to local

International Monetary Fund. Middle East and Central Asia Dept.

eleven IDA investment operations for $228.45 million are ongoing. Over 1992–2000, the Kyrgyz portfolio had a significant focus on budget support; however, there has been a gradual shift toward investment projects. To achieve macroeconomic stability in the country after the political turmoil in April 2010, the Kyrgyz government requested the Bank to provide budget support. There have been several budget support operations, including Programmatic Development Operation (DPO) series, since then. Lending Program : Three country and two regional IDA investment operations