Kyrgyz Republic: Request for a Three-Year Arrangement Under the Extended Credit Facility

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

Context. Performance under the previous Extended Credit Facility (ECF) arrangement, which expired last July, was good.

Volume/Issue: Volume 2015 Issue 113

Publication date: May 2015

ISBN: 9781484363492

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , government , Kyrgyzstan , ECF arrangement , Kyrgyz authorities , debt management strategy , Extended Credit Facility arrangement , Kyrgyz government , development fund , Credit , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Central Asia , Europe

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Summary

This paper discusses the Kyrgyz Republic’s Request for a Three-year Arrangement Under the Extended Credit Facility (ECF). Performance under the previous ECF arrangement, which expired last July, was good. Macroeconomic stability was restored, fiscal consolidation was stronger than planned, monetary policy was enhanced through a new interest rate-based framework, and supervision was strengthened in the financial sector. Although performance under the last ECF arrangement was good, new challenges have emerged, and some key reforms have yet to be implemented. The IMF staff supports the authorities’ request for a three-year arrangement under the ECF.