Kyrgyzstan's economic week Sept. 18-22, 2017

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Unfortunate cascade of HPPs. This week Kyrgyzstan officially announced that it unilaterally terminates the agreement with the Czech company Liglass Trading on the construction of the Upper-Naryn cascade of hydro power plants (HPPs). During the working meeting of the Government of the Kyrgyz Republic Vice Prime Minister Duishonbek Zilaliyev reported that the Czech company sent an official letter with a request to postpone the payment of $ 37 million according to the contract.

Vice Prime Minister Duishenbek Zilaliyev reported that the Czech company sent an official letter with a request to postpone the payment of $ 37 million under the contract.

"We came to a common opinion that there are no legal opportunities in accordance with the legislation and the agreement. We came to the opinion that the agreement should be terminated unilaterally," Zilaliyev said.

Prime Minister of the Kyrgyz Republic Sapar Isakov instructed to begin all procedures for termination of the contract unilaterally.

The Czech company was quick with response - they distributed a statement signed by director of the company Michael Smelik, which says: Liglass has not yet paid out $ 37 million to the Kyrgyz side, and explained it in several ways. Liglass believes that the Government of the Kyrgyz Republic was to return a guarantee fee of $ 1 million 147 thousand till August 11, but did not do that. Liglass also stated that the Government of the Kyrgyz Republic misled the company, as the Czech side was not informed about the transfer of 50% of the shares of the Upper-Naryn HPP was not coordinated with RusHydro. Thus, the Czechs made it clear that they are not going to give easily the fee paid during the tender. Experts said that an international court is awaiting Kyrgyzstan.

Tax collection. In January-August of 2017, the State Tax Service of the Kyrgyz Republic collected 45.8 billion soms of taxes and payments. The established plan was fulfilled by 100.1%, or exceeded by 52.4 million soms.

Stable GDP growth. For the first half of 2017, the country's GDP grew by 6.7%, while the volume of exports increased by 30%. According to data of the Chamber of Commerce and Industry of the Kyrgyz Republic, in 2016 the country's GDP grew by 3.8%, while exports grew by 17%. Experts explain the sustainable growth of Kyrgyzstan's GDP for several reasons. First, Kyrgyzstan's accession to the Eurasian Economic Union enabled to increase the volume and variety of exports, and secondly, the stable situation in the country created conditions for the confident work of entrepreneurs and business people; the third, the increase in monetary receipts from migrants positively affects the economy and social life of the country.

Following the results of 7 months of 2017, the growth of exports from Kyrgyzstan amounted to 27.1%, and to the EEU countries - 32.7%. According to the Minister of Economy of the Kyrgyz Republic, Artem Novikov, the development of the country's export potential is an important source of balanced economic growth.

"According to the results of 7 months of 2017, the growth of exports made 27.1%, and to the countries of the Eurasian Economic Union - 32.7%. This once again shows that domestic business has gradually begun to develop foreign markets and take advantage of the Eurasian economic integration," the minister said.

Tourists go to Bishkek. The capital of Kyrgyzstan entered the top 10 cities of the CIS for travelling in the autumn of 2017. The rating of cities was made up by TurStat analytical agency. Such cities of the CIS as Minsk, Astana, Baku, Yerevan, Almaty, Tashkent, Ashgabat, Kiev, Chisinau and Bishkek are the top ten most popular tourist cities of CIS in the autumn of this year.

The rating is based on the results of the analysis of the data of online booking systems for accommodation facilities for tourists.

Ambitions of the Government of the Kyrgyz Republic. By 2040, the GDP per capita in Kyrgyzstan should be $ 5 thousand. Such a statement was made by Prime Minister of the Kyrgyz Republic Sapar Isakov at a meeting of the Business Development and Investment Council under the Government of the Kyrgyz Republic. According to him, such goals are facing Kyrgyzstan in the framework of the National Sustainable Development Strategy.

Kabar News Agency

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