Kyrgyz Republic: Fourth and Fifth Reviews under the Three-Year Arrangements under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

Fourth and Fifth Reviews under the Three-Year Arrangements under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report

Volume/Issue: Volume 2018 Issue 053

Publication date: February 2018

ISBN: 9781484342954

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , Kyrgyz authorities , debt , government , deficit , NBKR independence , creating flow , executive board discussion Mr , Tao Zhang , import growth , private sector , Loans , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Central Asia

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Summary

This paper discusses Kyrgyz Republic’s Fourth and Fifth Reviews Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria (PCs). Program performance has been mixed. All end-December 2016 and end-June 2017 quantitative PCs, and all but three indicative targets (ITs) were met. The December 2016 IT on tax revenue, the continuous IT on introducing new or renewing existing tax exemptions, and the June 2017 IT on reserve money were not observed. Six structural benchmarks were missed, of which five were proposed to be postponed or modified at the time of the fourth review. Resuming the reform agenda and pursuing consolidation efforts are essential to allow growth to reach its potential over the medium term.