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Government of Kyrgyzstan creates deposit account to support budget

The Government of Kyrgyzstan will open a nationwide deposit account for accumulation of funds to support the budget. The Ministry of Finance submitted the corresponding draft resolution for public discussion.

The ministry stresses: the need to open a separate account arose due to the need to ensure transparency in crediting, accounting and use of funds. The account will receive money from legal entities and individuals on a voluntary basis to support the budget, as well as within the framework of economic amnesty and legalization of funds. The law enforcement agencies will transfer funds as part of the repayment of damage within criminal cases initiated for economic and official crimes.

An account where funds from the fight against corruption were transferred has already been opened in Kyrgyzstan. Funds from law enforcement agencies were transferred there. Business has repeatedly criticized the idea. After all, there was a competition between law enforcement agencies who would collect more funds on the account. As a result, the single deposit account was abolished by a government decree in June 2020.