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Cabinet of Ministers of Kyrgyzstan takes first anti-crisis measures

The Cabinet of Ministers of Kyrgyzstan has already begun to take the first steps to minimize the impact of the crisis on the economy. It was announced today at the meeting of the Minister of Economy and Commerce Daniyar Amangeldiev with business representatives.

He told that the first normative-legal acts were adopted on Friday at the meeting of the Cabinet of Ministers. They ease the tax burden in terms of paying value added tax (VAT) when importing certain types of production.

«This decision should have an impact on the final prices. The decision was made to minimize the rise in prices. It is hard time now. Before that, we had a post-COVID period, when the economy fell to a historical low. Only in 2021 there was a positive growth of 3.5 percent. The dynamics continued to grow in the first two months. But the events happened. This greatly affects the partner countries. There is a situation now that requires prompt intervention and well-coordinated work,» Daniyar Amangeldiev said.

He recalled that the Cabinet of Ministers is developing an anti-crisis plan. Prior to this, the Ministry of Economy and Commerce had already presented it, asking businesses to give their vision of how the state could support entrepreneurs.

«Exchange rate volatility is putting a lot of pressure on all sectors of the economy. Since 2019, the Cabinet of Ministers has already adopted four programs of anti-crisis measures. Today, the Cabinet of Ministers is often scolded that we do not see problems, do not want to support business. I don’t agree with this. Each program was developed in cooperation with the business. All the possibilities that the state has were mobilized to overcome the consequences of crisis situations. Now we would like to once again check with the business the proposals that have been received. I note that the proposed measures require immediate adoption. But the need to amend the regulations takes time. We need to react quickly so that we can quickly coordinate the work and take measures that would serve as support in difficult times,» Daniyar Amangeldiev concluded.

Situation in Ukraine remains complicated. Fighting continues. Russia started a special military operation on February 24, 2022. The number of military and civilian casualties continues to grow. Many states have imposed and continue to impose severe sanctions on Russia.

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