Economic week of Kyrgyzstan Oct. 14 - 20, 2019

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The week was characterized by a variety of economic events. A meeting of the Cooperation Committee with Saudi Arabia was held, at which trade issues were discussed, the Government approved a new concept of the qualification system in the country, and the amount of payments to pay off state debts for August was announced.

New model. Prime Minister of the Kyrgyz Republic, Mukhammedkalyi Abylgaziev, signed a Decree of the Government of the Kyrgyz Republic on approval of the Concept of the national qualifications system in the Kyrgyz Republic.

According to the document, in order to improve the quality of education, within the framework of the National Development Strategy of the Kyrgyz Republic for 2018-2040, approved by the Decree of the President of the Kyrgyz Republic and other normative acts, the Government of the Kyrgyz Republic decided to approve the Concept of the national qualifications system in the Kyrgyz Republic according to the appendix.

The Ministry of Education and Science, together with the Ministry of Labor and Social Development, are assigned to develop a draft Action Plan for the implementation of the Concept of the national qualifications system in the Kyrgyz Republic within four months and submit it to the Government in the prescribed manner.

Debt money. In August of this year USD 22.20 million has been allocated for the public debt management of the Kyrgyz Republic, the press service of the country’s Ministry of Finance reported.

The public debt management (external + domestic) of the Kyrgyz Republic in August 2019 costed the republican budget KGS 1 billion 549.59 million (or USD 22.20 million), including:

external debt – KGS 958.58 million (or USD 13.73 million);

domestic debt – KGS 591.01 million (or USD 8.47 million).

Innovative payments. This week, an explanation was given of how Kyrgyz citizens pay taxes. In the country for 9 months of this year, 304 711 tax payments to the budget in the amount of KGS 356.9 million were made through peripheral devices. Compared to the same period last year, this figure is more by 26.3 thousand payments and by KGS 40.5 million.

According to data of the State Tax Service of the Kyrgyz Republic, the most payments were made through payment terminals, through which 250,781 payments were made in the amount of KGS 276.9 million.

Taxpayers have also used other innovative methods of paying taxes. 15,925 payments totaling KGS 17.3 million passed through ATMs, 8,440 payments worth KGS 40.8 million through web cash desks, 14,590 payments worth KGS 11.9 million online banking, 10,811 payments by mobile banking by KGS 6.5 million, electronic wallet - 3300 payments for KGS 2.6 million.

Counterfeiting. The automated accounting system (AAS) will help to reduce counterfeit goods, including fuel,

Chairman of the State Tax Service Ulukbek Samyibekov told that the introduction of the automated accounting system for petroleum products is planned since Jan.1 this year. Thus, according to the adopted resolution, in order to strengthen control over import, storage, production and sale of oil products in the Kyrgyz Republic new requirements will be established.

"Wholesale will only be carried out on the condition of ownership, on the right of ownership, or other legal foundations, of petroleum product or tank database. Retail sales will only be made at filling stations with cash registers, equipment (columns) and an automated electronic system for the supply of petroleum products,” Samyibekov said.

Cooperation. The 2nd meeting of the joint Kyrgyz-Saudi committee on cooperation between Kyrgyzstan and the Kingdom of Saudi Arabia was held in Bishkek with the participation of First Vice Prime Minister of the Kyrgyz Republic Kubatbek Boronov.

The Kyrgyz First Deputy Prime Minister Boronov expressed the interest of the Kyrgyz side in enhancing multilateral cooperation between the countries.

“It should be noted that in recent years there has been a positive trend in the growth of trade. However, the volume of bilateral trade does not correspond to the economic potential of our countries. Given this, in order to develop and deepen cooperation to expand trade and economic relations between the Kyrgyz Republic and the Kingdom of Saudi Arabia, additional efforts are necessary,” he said.

In turn, the Minister of Environment, Water and Agriculture of the Kingdom of Saudi Arabia, Abdurahman bin Abdul-Muhsin Al-Fadli, noted great opportunities for further close cooperation between the two countries in various fields.

Goods to the Arabs. Saudi businessmen are told about the investment opportunities of Kyrgyzstan.

State Secretary of the Ministry of Economy of the Kyrgyz Republic, Aydin Sharsheev, said that the trade turnover between Kyrgyzstan and Saudi Arabia is 5 million US dollars and this is a small amount, but there is great potential.

Following the results of the second meeting of the Kyrgyz-Saudi cooperation committee, it was decided to strengthen the work of informing Arab entrepreneurs about the existence of our country and our investment and natural opportunities.

At the meeting, it was decided to organize a fair with Kyrgyz products in Saudi Arabia.

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