«We have reduced the level of the shadow economy, increased tax revenues and customs duties to the budget, which allowed us to raise the salaries of teachers, doctors, and cultural workers, as well as improve the lives of the population. As a result, 82 percent of citizens support the course of the country’s leadership,» the Chairman of the Cabinet of Ministers of Kyrgyzstan, Akylbek Japarov, said at a meeting with representatives of Fitch Ratings Inc. Elena Grindstaff and Oppenheimer & Co. Inc. Konstantin Derkachev.
He emphasized the importance of the role of international rating agencies such as Fitch, Moody’s and Standard & Poor’s and noted that they not only assess economic stability, but also actively participate in improving the financial image of states.
«Having significant expert weight in global financial markets, these agencies are able to provide small countries with access to more favorable terms of financing and investment. The financial reputation of a state is a bridge leading to long-term development and prosperity,» the head of the Cabinet said.
He stressed the enormous potential of the Kyrgyz Republic and its ambitious plans. He noted the achieved political stability, the improvement of the economic situation in the republic and the country’s sustainable economic growth in recent years.
«The average GDP growth rate was 7 percent. The volume of the Kyrgyz Republic’s GDP for January-July 2024 amounted to more than 677 billion soms, and the real GDP growth rate — 8.7 percent. Thanks to a balanced monetary policy, inflation slowed down from 14.7 percent in 2022 to 7.3 percent in 2023. The republic’s GDP amounted to 1,229 trillion soms, which is significantly higher than in previous years. GDP per capita amounted to almost $2,000, while in 2020 it was only $1,230,» Akylbek Japarov added, noting that «such growth in the context of global instability and challenges indicates that the economy has not just adapted, it has reached a new level and demonstrated an exceptional breakthrough.»
The parties agreed on further consultations on financial analysis and investment climate, which shows Kyrgyzstan’s desire for active cooperation in the international arena.
It was reported earlier that an agreement had been signed with rating agencies to obtain a sovereign credit rating. The documents were signed with Oppenheimer Europe Ltd and Fitch Ratings Inc., whose representatives arrived in Bishkek.
