Kyrgyzstan’s Ministry of Labor, Social Security and Migration has begun to provide training in financial literacy for low-income citizens from all over the country.
Those wishing to participate in the state program known as “Social Contract” were offered free training on the basics of entrepreneurship, marketing and financial literacy. At the first lessons, participants were shown how to create business plans and approach marketing communications.
Commented minister Gulnara Baatyrova: “For two years already, a program to support families in difficult economic situations has been implemented. Today, the most successful projects bring start-up entrepreneurs 40,000 som ($500) a month.”
This year the authorities intend to enter contracts with 20,000 families. Participants will receive $1,100 from the state budget to start their own businesses. Another 3,000 families will be financed using funds from the World Bank.
The National Bank of Kyrgyzstan has been promoting a program of financial literacy, especially among children, for many years. Government officials conduct trainings and interactive programs across various media channels. “A person who manages his money manages his life. The family budget is a micro-projection of how things are done in business and the state. Everything should be taken into account, it is necessary to know your expenses and proportion them with income,” reads a statement outlining the National Bank of Kyrgyzstan’s mission.
