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Economy of Kyrgyzstan highly dependent on CIS partners and mining

The economy of Kyrgyzstan is highly dependent on its main business partners in the CIS and the mining industry. RAEX rating agency has compiled a sovereign rating of the government of Kyrgyzstan.

The republic received B status with a stable outlook. It was noted that a high level of debt, sensitive to external shocks, a low level of lending to the economy and the lack of an effective fiscal policy are the main factors constraining the rating.

In addition, high level of poverty along with high level of perception of corruption and difficulties in cross-border trade retain low competitive ability of the country.

«At the same time, a steady decline in financial dollarization, growth in the profitability of the banking sector and an increase in remittance inflows, along with an improvement in export activity, are the most significant factors supporting the growth of the economy,» the report says.