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TASHKENT (TCA) — Uzbekistan's total external debt increased by 9.5 percent in 2018 from the previous year, reaching 17.3 billion U.S. dollars as of January 1, 2019, Xinhua news agency reported on March 31 with reference to the country's central bank. Continue reading
BISHKEK (TCA) — The lower debt-to-GDP ratio, the better for a country’s economy. The level of external debt is among the most important competitiveness indicators, which shows how well a country copes with debt without harm to its financial system. Continue reading
BISHKEK (TCA) — Favorable conditions for business have been created in Kyrgyzstan, President Sooronbai Jeenbekov said at a news conference on the 2018 results. Continue reading
BISHKEK (TCA) — The Government of Kyrgyzstan will open a special account for funds coming from the fight against corruption. According to the Government Decree, signed by Kyrgyz Prime Minister Muhammedkaly Abylgaziev on June 22, the account in the treasury system will be distributed exclusively over decisions of the Government. The second account will be open to citizens wishing to help the state to pay off its debts. Such a proposal came from the Parliament deputies. Special account "The Government intends to open a special account, where funds will come from those who want to help the State," the Prime Minister said at the Parliament meeting during the discussion of the Government's report for 2017 on June 14. Kyrgyzstan began to take loans from 1992, the second year of its independence. By March 31, 2018, the state's external public debt reached $3.9 billion, of which $1.7 billion is the debt to China. At the end of 2017, the state foreign debt was $4.1 billion, or 53.9% of GDP. The proposal of the head of the Cabinet caused heated discussions not only among experts and the media, but also in the general public. The first and the only person to respond to the Government's appeal was MP Kamchybek Joldoshbayev, who is ready to donate one million soms. However, the general public did not support the Government’s initiative. Kyrgyzstan’s citizens regularly pay taxes and have the right to expect that the State will rationally dispose of them. Asking for charity from people "The State is not a kind of abstract dependent which citizens keep at their own expense for the kindness of their soul. The State, including its management institutions, is the manager to whom citizens gave the most common functional levers for regulating economic activity to obtain in return for their security, order and the most efficient distribution of economic and social benefits," the Beli Parus newspaper writes. The state top managers are pathetic about calling for help to the citizens of the country, telling about great foreign debt and little money available, and malicious corrupt officials who had robbed the budget for billions of soms. But ordinary people cannot understand their relation to the state debts and stolen budget money. If the state made ill-considered strategic decisions, it was not clear where budgetary funds were spent, and taxpayers are unlikely to make voluntary donations. Asking for voluntarily help from the people, Prime Minister Abylgaziev understates the authority of the country at the international level, the Fabula Press newspaper reported. “Which states or international financial institutions will trust the state which asks for charity from its people? Abylgaziev begs from his people instead of feeding them." Mired in corruption Former judge of the Constitutional Chamber of Kyrgyzstan, Clara Sooronkulova, believes that such a proposal indicates the weakness and helplessness of the State. Who will give money to the State which is mired in corruption? If such a charitable foundation were created in another situation, perhaps people donated their money to help...
BISHKEK (TCA) — Kyrgyzstan’s public debt has amounted to $4.4 billion (58% of GDP) of which $3.885 billion is the state's external debt. $320 million Kyrgyzstan will have to pay off by 2023. Continue reading
BISHKEK (TCA) — Kyrgyzstan’s gross domestic product in 2017 was 493 billion soms and increased by 4.5% compared to 2016, the National Statistical Committee of Kyrgyzstan said. The GDP growth was higher than the forecasts of the government and international financial institutions including the International Monetary Fund and the World Bank. At the end of 2016, the IMF and WB expected growth of no more than 3.5%. According to the conclusion of the IMF mission in November 2017, the country’s GDP was expected at 3.2%. The forecast for Kyrgyzstan’s economic growth was lowered by 0.3% due to the situation on the Kyrgyz-Kazakh border. Kyrgyzstan’s industrial output amounted to 231 billion soms last year and increased by 11.5% compared to 2016. The industry grew due to the growth of extraction of metal ores and crude oil, as well as production of plastic and food products including beverages and tobacco products. Dependence on Kumtor In early 2017, the GDP growth was very impressive — more than 7%. However, the year ended with an increase of 4.5% due to the impact of the operation of the Kumtor gold mine. The economy is still dependent on gold mining, while investors are not in a hurry to enter Kyrgyzstan. Dependence on one enterprise represents a significant risk to the economy. In 2018, the gold production will decrease at Kumtor, so it is likely that the current GDP may also change, experts say. One of the main events of 2017 was the signing of a new agreement on Kumtor between the government of Kyrgyzstan and Centerra Gold. In December 2017, it was 20 years since the development of the Kumtor mine started in the country. Over the years, several unsuccessful attempts have been made to conclude an agreement beneficial to the Kyrgyz side. Finally, in September 2017, the Kyrgyz government and Centerra signed a new agreement under which the Canadian company will allocate $50 million to the newly established Environmental Development Fund to finance environmental protection measures. The money will primarily be used for the modernization and construction of new modern treatment facilities in the water area of Lake Issyk-Kul. In addition, the annual environmental payment was increased to $3 million. The new agreement on Kumtor became a signal to foreign investors that they can enter the country. Industrial growth and trade The industrial growth indicators are encouraging. Earlier, mainly services and trade were developing, and the population received revenues from re-export. Currently, the country's economy is aimed at industrial production. Among the countries of the Eurasian Economic Union, the largest growth in industrial production in the ten months of 2017 was recorded in Kyrgyzstan — 13.7%, the Eurasian Economic Commission announced in December 2017. For 11 months of 2017, Kyrgyzstan's foreign trade amounted to $6 billion, 11% more compared to 2016. Exports increased by 12.8% and imports by 10.2%. The exports grew due to the increased exports of glass, butter, precious metals, non-monetary gold, and dried fruits. The country increased imports of fabrics, ceramic products,...
