Economic week of Kyrgyzstan Oct. 28 – Nov. 2, 2019

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The week was less eventful on important economic news, although the trip of Kyrgyz prime minister to Tashkent to a meeting of the SCO Heads of Government was a very important event. On the other hand, Kyrgyzstan at the WTO platform advocated the need for clarity in the rules for the delivery of services at the level of individuals. Another important international event in this area was the signing of a Memorandum by representatives of South Korea on the study of the potential for the construction of hydropower plants in Kyrgyzstan. One more important event was the Government’s statement that Kyrgyzstan will not give land in return for external debt. In addition, it was interesting to know comparative data on prices for the same product in the capitals of the EAEU countries.

The land remains. This week, Minister of Finance of the Kyrgyz Republic Baktygul Jeenbaeva informed that the bulk of payments on external debt will be in 2025 and the peak will be reached in 2028. And Minister of Economy of the Kyrgyz Republic Sanjar Mukanbetov said that today the level of debt makes 48% of GDP, while the level of external debt is considered critical for the country's economy at 80%.

At a meeting of the Kyrgyz parliament, First Prime Minister of the Kyrgyz Republic Kubatbek Boronov assured that Kyrgyzstan would not pay its debts with its lands.

Memorandum with Koreans. The Memorandum of Understanding and Cooperation was signed in Seoul between the State Committee for Industry, Energy and Subsoil Use of Kyrgyzstan and GOPPE.C.C. KOREAHOLDING. Co., LTD of South Korea.

According to the Memorandum, the sides will cooperate in the framework of the project of construction of hydropower plants on the basis of equality and mutual benefit.

The parties intend to consider the possibility of cooperation in the field of design and construction of hydropower plants in Kyrgyzstan with the introduction of best practices in the operation of hydropower facilities, aimed at improving and increasing the efficiency, reliability and safety of the energy sector of the Kyrgyz Republic

Prices in the EAEU. This week, interesting comparative information on wages in a number of EAEU capitals was published. In Bishkek, you can buy about 64 kg of beef for the average salary, while in Moscow - more than 3 times more - 219 kg.

According to data of the National Statistics Committee of the Kyrgyz Republic, at the moment of assessing official data, the maximum average prices for essential goods in September 2019, compared with the other capitals of the EAEU, are fixed in the city of Moscow.

In September 2019, among the capitals of the EAEU, the maximum average retail price for potatoes ($ 0.38 per 1 kg) was observed in Moscow, and the minimum retail price ($ 0.27 per 1 kg) was in Nur -Sultan. The lowest prices for beef (4.11 US dollars per 1 kg.) For the same period were observed in Minsk, first grade flour (0.42 US dollars per 1 kg.) and lamb (4.29 US dollars per 1 kg.) - in Bishkek, pasteurized milk (0.67 US dollars per 1 liter) - in the city of Nur Sultan.

In September 2019, the average retail price for pasteurized milk in Bishkek was higher than the prices observed in Nur-Sultan - by 9.5% and Minsk - by 5.4%, and for beef in Nur Sultan - by 2.4%, in Minsk - by 16.6%. At the same time, in September 2019, the average prices for bread from first grade flour in Bishkek exceeded their level in Nur Sultan by 38.3%, eggs - by 12.5% ​​and potatoes - by 12.9% .

Kyrgyzstan’s initiative. This week, Kyrgyzstan at the WTO platform advocated the need for clarity in the rules for the delivery of services at the level of individuals.

A meeting of the Committee on Specific Service Obligations was held on October 28, 2019 at the WTO headquarters in Geneva.

The purpose of the work of this Committee was to achieve optimization and implementation of obligations in the field of types of supply of services, as well as to study issues of monitoring the implementation of WTO rules.

For Kyrgyzstan, the issue of improving transparency and clarity regarding the regulation of the working conditions of workers from the Kyrgyz Republic in the service sector in other countries of the WTO remains particularly relevant. The Kyrgyz Republic stated the need for clarity and transparency in the rules of international trade within the framework of the WTO governing the above sphere.

Kabar News Agency

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