The Executive Board of the International Monetary Fund (IMF) completed the second review of the Kyrgyz Republics economic performance under the three-year Extended Credit Facility (ECF) arrangement. 

 

On June 17, 2016, the Executive Board of the International Monetary Fund (IMF) completed the second review of the Kyrgyz Republics economic performance under the three-year Extended Credit Facility (ECF) arrangement. As the result of completion of the review, Kyrgyz Republic will receive 9.514 million SDR (about 13.4 million USD). This would bring total disbursement under the arrangement for 28.542 million SDR (about 40.3 million USD). 

“The National Bank of the Kyrgyz Republics (NBKR) flexible exchange rate policy has served the economy well by acting as a shock absorber. Going forward, the NBKR should continue to focus on containing inflation within the target range and maintaining a flexible exchange rate policy to preserve competitiveness. 

Accelerating structural reforms to enhance broad-based growth, strengthen governance, reduce corruption, and maximize benefits from the Eurasian Economic Union is also critical.” 

 

For information: 

In April 2015, the Executive Board of the IMF approved a three-year arrangement (2015-2018) under the Extended Credit Facility, ECF for the Kyrgyz Republic in a sum equivalent to 66.6 million SDR (about 92.4 million USD). The purpose of the program is to ensure macroeconomic stability and sustainable economic development in the medium term.