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Medium-term outlook broadly favorable for Kyrgyzstan, says IMF.

The medium-term outlook is broadly favorable for Kyrgyzstan, but not without challenges, including from gold price volatility and the slowdown in the region, said Naoyuki Shinohara, Deputy Managing Director and Acting Chair of the IMF Executive Board, said in a statement following completion of the fifth review of Kyrgyzstan's economic performance under the program supported by the Extended Credit Facility. "The loss of nontax revenues related to the closure of the Manas Transit Center in 2014 will create headwinds for the fiscal consolidation that is needed to reduce vulnerabilities, rebuild policy buffers, and ensure macroeconomic stability and debt sustainability," Mr. Naoyuki Shinohara said. In the near term, the revenue loss will be offset by grants, revenues from the new oil refinery, and expenditure restraint. Over the medium term, tax system reforms are expected to offset the loss and build a more stable and predictable revenue base. In addition, public financial management reforms will strengthen fiscal governance and transparency, and help to control expenditures.

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Publication:AKIpress News Agency
Geographic Code:9KYRG
Date:Dec 6, 2013
Words:176
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Next Article:IMF Executive Board approves disbursement of about $14.6 million to Kyrgyzstan.

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