[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109913-en":3,"doc-seo-109913-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109913,1374391974564,"Clementine","https://ap-avatar.wpscdn.com/avatar/14000253aa45c000a9e?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779874745381141002",8,"Research & Report","Kyrgyz Republic - Joint World Bank-IMF Debt Sustainability Analysis - March 2020","The joint World Bank-IMF Debt Sustainability Analysis assesses the Kyrgyz Republic’s debt outlook, concluding a moderate risk of external debt distress and overall debt distress, with limited but some space under baseline projections. The assessment accounts for COVID-19-related increases in total public debt to 66 percent of GDP in 2020 and currency depreciation. Debt-carrying capacity is assessed as strong, while vulnerability remains to shocks to real GDP growth and exports. The report highlights the importance of maintaining a fiscal deficit rule within 3 percent of GDP, limiting non-concessional borrowing and guarantees, and strengthening public investment management to reduce risks.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nKYRGYZ REPUBLIC  \nJoint World Bank-IMF Debt Sustainability Analysis  \nMarch 2020  \nPrepared jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão (IDA) and Subir Lall and Vitaliy Kramarenko (IMF  \nKyrgyz Republic: Joint Bank-Fund Debt Sustainability Analysis  \n\n| Risk of external debt distress: | Moderate |\n| --- | --- |\n| Overall risk of debt distress | Moderate |\n| Granularity in the risk rating | Some space |\n| Application of judgment | No |\n\nThe debt sustainability analysis (DSA) indicates that Kyrgyz Republic remains at moderate risk of debt distress, with some space, for both external debt and overall public debt, despite the expected spike of total public debt to 66 percent of GDP in 2020 in reaction to the outbreak of the COVID-19 pandemic and the depreciation of KGS vis-à-vis the US dollar.1 This assessment is grounded on the projection that the authorities will strictly adhere to their fiscal rule of keeping the budget deficit at no more than 3 percent of GDP once the economy has fully recovered from the current crisis. The Kyrgyz Republic’s current debt-carrying capacity is assessed as strong. However, the debt outlook remains vulnerable to shocks to real GDP growth and exports. Remaining cautious when contracting and guaranteeing new debt, including by avoiding non-concessional financing, and improving public investment management would help reducing these vulnerabilities.  \n1 This DSA analysis is based on the latest framework for DSA for low-income countries. See IMF, 2018, Guidance Note on the Bank-Fund Debt Sustainability Framework for Low-Income Countries.  \nPublic Debt Coverage  \n1. The debt coverage is limited to state government debt (both central and local government), state guarantees, and the debt of the central bank towards the IMF (Text Table 1). Almost all the public sector debt is issued by the central government. Local governments have no external debt and insignificant domestic debt. The social security fund has no debt. State-owned enterprises (SOEs) have no external debt and limited short-term domestic borrowing from the banking sector. Most of SOEs borrowing is from the government. In addition, the government has no outstanding guarantee of any debt as the budget code prevents the state from guaranteeing debt of SOEs and other public entities since 2007, except for the cases stipulated by the obligations of the Kyrgyz Republic within its membership in international and inter-governmental organizations. Nevertheless, a contingent liability shock of 7 percent of GDP was applied, reflecting risks around the operation of SOEs (2 percent of GDP, which is about the structural cash shortfall of loss-making energy sector SOEs)2 and the default value representing the average cost to the government during a financial crisis (5 percent of GDP, Text Table 2) .  \n\n| Text Table 1. Kyrgyz Republic: Public Debt Coverage |\n| --- |\n| 1\u003Cbr>2\u003Cbr>3\u003Cbr>4\u003Cbr>5\u003Cbr>6\u003Cbr>7\u003Cbr>8 Subsectors of the public sector Sub-sectors covered Central government\u003Cbr>State and local government\u003Cbr>Other elements in the general government\u003Cbr>o/w: Social security fund\u003Cbr>o/w: Extra budgetary funds (EBFs)\u003Cbr>Guarantees (to other entities in the public and private sector, including to SOEs)\u003Cbr>Central bank (borrowed on behalf of the government)\u003Cbr>Non-guaranteed SOE debt X\u003Cbr>X\u003Cbr>X\u003Cbr>X |\n|  |\n\nText Table 2. Kyrgyz Republic: Combined Contingent Liability Shock  \n\n| 1 | The country's coverage of public debt | The central, state, and local governments, central bank, government-guaranteed debt |  |  |\n| --- | --- | --- | --- | --- |\n|  |  |  | Default | Used for the\u003Cbr>analysis Reasons for deviations from the default settings |\n| 2 | Other elements of the general government not captured in 1. | 0 | percent of GDP | 0.0 |\n| 3 |","cbCaiq5hqiRfrZww","https://ap.wps.com/l/cbCaiq5hqiRfrZww","pdf",441141,4,1,16,"English","en",105,"# Executive Assessment\n## Risk of External Debt Distress\n## Overall Risk of Debt Distress\n# Debt Coverage and Contingent Liabilities\n## Public Debt Coverage Scope\n## Combined Contingent Liability Shock\n# Background and Debt Dynamics\n## Public Debt Trend (2010-2019)\n# Underlying Assumptions\n## Macroeconomic Assumptions","[{\"question\":\"What is the assessed risk of debt distress for Kyrgyz Republic?\",\"answer\":\"The analysis concludes that the Kyrgyz Republic remains at a moderate risk of external debt distress and an overall moderate risk of debt distress.\"},{\"question\":\"What factors drive the debt outlook in the analysis?\",\"answer\":\"The assessment considers the expected COVID-19 spike in public debt to 66 percent of GDP in 2020 and the depreciation of the Kyrgyz som against the US dollar.\"},{\"question\":\"How is debt coverage defined in this DSA?\",\"answer\":\"Debt coverage is limited to state government debt (central and local), state guarantees, and central bank borrowing on behalf of the government toward the IMF, with most public sector debt issued by the central government.\"}]","Kyrgyz Republic - Joint World Bank-IMF Debt Sustainability Analysis - March 2020 | PDF",1784483006,40,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":29},"kyrgyz-republic-joint-world-bank-imf-debt-sustainability-analysis-march-2020","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":20},"https://docshare.wps.com/document/kyrgyz-republic-joint-world-bank-imf-debt-sustainability-analysis-march-2020/109913/",{"url":53,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What is the assessed risk of debt distress for Kyrgyz Republic?","Question",{"text":76,"@type":77},"The analysis concludes that the Kyrgyz Republic remains at a moderate risk of external debt distress and an overall moderate risk of debt distress.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"What factors drive the debt outlook in the analysis?",{"text":81,"@type":77},"The assessment considers the expected COVID-19 spike in public debt to 66 percent of GDP in 2020 and the depreciation of the Kyrgyz som against the US dollar.",{"name":83,"@type":74,"acceptedAnswer":84},"How is debt coverage defined in this DSA?",{"text":85,"@type":77},"Debt coverage is limited to state government debt (central and local), state guarantees, and central bank borrowing on behalf of the government toward the IMF, with most public sector debt issued by the central government.","https://schema.org",{"og:url":53,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,120,123,128,131,135],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":30,"slug":119},7,"Healthcare","healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":47,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":47,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":47,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":47,"category_name":137,"show_sort_weight":107,"slug":138},19,"General","general"]