Breaking news Economy Sat, 20 Jan 2018 16:01:22 +0600 60 Russian State Duma ratifies protocol on writing off Kyrgyz debt Bishkek, Jan. 19, 2018 / Kabar /. The State Duma ratified the protocol to the Agreement between the Governments of the Russian Federation and Kyrgyzstan on the settlement of the republic's debt to Russia on previously granted loans.

In 2012, Russia and Kyrgyzstan concluded an intergovernmental agreement on a phased write-off of Kyrgyzstan's debt, which at that time was $ 488.9 million. In May 2013, Russia wrote off $ 188.9 million, from 2016 to 2017 - another $ 60 million, TASS reported.

The protocol on the write-off of the remaining $ 240 million by the Russian side was signed during the visit of then President Almazbek Atambayev to Moscow in June 2017. On Dec. 9, 2017 President Sooronbay Jeenbekov signed the law on writing off this debt to the Russian Federation, which was passed earlier by the country's parliament.

As a result of write-offs, the amount of the external debt Kyrgyzstan will decrease by 6.5%.

Fri, 19 Jan 2018 22:33:30 +0600
Kyrgyzstan stops importing meat from China Bishkek, Jan. 19, 2018 / Kabar /. Kyrgyzstan imposed restrictions on supply of meat from China, Kyrgyz Deputy Minister of Agriculture, Food Industry and Melioration- Erkin Choduyev told.

Choduev said that from now forward, meat from China will not be imported to Kyrgyzstan as it does not meet the requirements of the Eurasian Economic Union (EEU).

The Minister added that Kyrgyzstan produces 250,000 tons of meat and 971 tons of it is exported. Despite this, meat is imported to Kyrgyzstan from Russia, Kazakhstan and Ukraine.

Choduev said that the program for the development of food industry for 2017-2021 has been developed, the main goal of which is the export of domestic products.

"We are now opening processing companies, laboratories and logistics centers in order to unify the standardization of domestic products," Choduyev added.

During the discussion, the deputies stressed that livestock is the priority direction of an agrarian sector in the country, however, the level of development of meat-processing industry is still desirous and there are not enough slaughter facilities.

Fri, 19 Jan 2018 16:16:31 +0600
Kyrgyz Security Council Secretariat launches website to counteract corruption Bishkek, Jan. 18, 2018 / Kabar /. The Secretariat of the Security Council (SSC) of Kyrgyzstan launched an anticorruption website in order to involve and make people's contribution to the struggle against corruption.

The SSC said that an interactive map with oblasts, regions’ sectors that are mostly exposed to corruption is posted on its online information resource section. The map will be automatically filled by the program based on the results from the citizens' appeals.

Anyone can leave messages about certain corruption evidences in any field, indicating their personal information or anonymously on the website.

The website contains information (including facts, statistics, press releases, etc.) of all governmental agencies involved in countering corruption activities. This is important since there is a lack of a single source of information in the field of combating corruption. Each state authority provides only the information that belongs to the sphere of its responsibility.

To inform citizens and develop public control over implementation of the state anti-corruption measures, the website published all anti-corruption action plans developed by the Security Council Working Group (SCWG). The SCWG monitors implementation of the State Anti-Corruption Policy Strategy, as well as government agencies' reports on anti-corruption actions will be put on the web site.

Thu, 18 Jan 2018 14:08:53 +0600
In 2017 Taldybulak Levoberezhny field produces 2017 kg of gold Bishkek, Jan. 16, 2018. /Kabar/. In 2017, according to preliminary data, 2017 kg of gold was produced at the Taldybulak Levoberezhny deposit, Eldar Tadzhibaev, the chairman of the Central Committee of the Mining and Metallurgical Trade Union of Kyrgyzstan told.

He said that the extraction of 3 tons of pure gold is planned for 2018. Tadzhibaev said that company's general director said today during the signing of the collective agreement of Altynken LLC in Bishkek. On behalf of the labor collective, the agreement was signed by chairman of the trade union committee Taalaybek Kudusov.

The head of the enterprise noted the importance of the contribution of people in obtaining positive performance indicators, as well as the role of the trade union organization in ensuring a stable and successful operation of the company.

The collective agreement is concluded for a period of 3 years and determines the obligations of the administration and of the workers (wages, hours of work and rest, labor protection, social package, etc.).

Tue, 16 Jan 2018 22:37:55 +0600
Iran interested in establishing banking relations with Kyrgyzstan Bishkek, Jan. 16, 2018. /Kabar/. Iranian businessmen are interested in setting up joint ventures and funds in Kyrgyzstan, but the lack of banking cooperation between the two countries impedes the realization of such ideas, Iran's Ambassador to Kyrgyzstan Ali Mojtaba Ruzbehani told today at a meeting with journalists in Bishkek.

He said that the cooperation in the banking sphere made progress only last year.

"We hope that in the near future cooperation in this field will yield its results. We are sure that if the banking cooperation resumes, the trade turnover will also increase many times, which stimulates the arrival of businessmen from Iran," the ambassador said.

He added that Iran's technical service companies are recognized around the world, and they are implementing many projects in different countries.

"These companies are interested in participating in infrastructure projects in Kyrgyzstan. If they feel Kyrgyzstan's interest in their activities, they will be only happy," the diplomat said.

For his part, he expressed readiness to support all initiatives that could positively affect the development of economic relations between the two states, including the idea of ​​creating an Iranian bank in Kyrgyzstan.

Tue, 16 Jan 2018 16:53:10 +0600
Ministry of Finance meets with World Bank Vice President Bishkek, Jan. 16, 2018. / Kabar/. Kyrgyz Finance Minister Adylbek Kasymaliev met with the World Bank Vice President for Europe and Central Asia Cyril Muller.

Greeting the WB delegation Minister Kasymaliev thanked for the assistance in the socio-economic development of the country. In his speech he dwelled on the results of socio-economic development and the implementation of the 2017republican budget.

During the meeting, the minister said that the World Bank is one of the main partners of the Kyrgyz Government. The amount of the assistance provided by the World Bank exceeds $ 1.5 billion. All means are directed to the development of such sectors as: transport, energy, agriculture, health, education, public administration, social protection.

The Finance Minister named the development of the country's export potential and support to local commodity producers one of the main tasks of the Kyrgyz Government. "Currently, the draft program of the Government of the Kyrgyz Republic on export development for 2018-2023 is being developed, the main sectors are dairy products, processed fruit and vegetable products, the sewing industry, as well as access to financing for entrepreneurs and stimulating exports in general," Kasymaliyev said expressing the hope that the World Bank will assist in the effective implementation of this project.

In addition, Kasymaliev sad that the Ministry of Finance of the Kyrgyz Republic is ready, jointly with other ministries and departments, to assist in the development of a new draft strategy on partnership between the World Bank and the Kyrgyz Republic for 2018-2022.

In turn, the WB Vice President Cyril Muller replied that this framework strategy will be based on the results of the prepared comprehensive study of the country's economy, in particular targeted assistance and support. He also expressed hope for joint fruitful work in this direction.

Miller said that the World Bank, adhering to the desire to support the Kyrgyz Republic, is ready to help the country move from vulnerability to prosperity, to focus precisely on those areas of the economy in order to improve the socio-economic situation of the Kyrgyz Republic.

Tue, 16 Jan 2018 16:19:54 +0600
Trade turnover between Kyrgyzstan and Iran makes only $ 22 mln – Iranian Ambassador Bishkek, Jan. 16, 2018. / Kabar/. To date, the volume of trade between Kyrgyzstan and the Islamic Republic of Iran makes only $ 22-23 million a year, but the parties express interest in strengthening economic relations, Ambassador of the Islamic Republic of Iran to the Kyrgyz Republic Ali Mojtaba Ruzbehani told journalists in Bishkek.

The head of the diplomatic mission held a meeting with representatives of the Kyrgyz media on the occasion of the 25th anniversary of the establishment of bilateral relations between the states and answered questions of journalists.

He said that over the past four years there has been a decline in trade between the countries, but this situation received a new impetus last year.

"There has been some recovery in economic relations since last year, but it's too early to rejoice. The presidents of the two countries gave instructions to the relevant departments to increase the turnover. In this regard, some barriers have been removed. The Kyrgyz side abolished the procedure for obtaining a visa, which increased the flow of tourists from Iran and aroused the interest of our businessmen to visit Kyrgyzstan," the ambassador said.

He also noted that banking cooperation between the two countries gives hope for an increase in the volume of trade.

"If the banking cooperation is resumed, it will increase the trade turnover between the two countries. Last year, we held a series of events, during which we urged our big businessmen to study the investment opportunities of Kyrgyzstan. They participated in different business areas, and they saw certain prospects," the ambassador said.

But, the diplomat stressed that Iranian businessmen were confused by two issues: the difficulty for carrying out banking operations and the problem of purchasing goods from Kyrgyzstan. In this regard, the ambassador said, the government of Iran issued a resolution on optimizing the purchase of goods from Kyrgyzstan.

Tue, 16 Jan 2018 12:43:24 +0600
Within one year Uzbekistan will launch 9 enterprises in Kyrgyzstan Bishkek, Jan. 15, 2018 / Kabar /. This year Uzbekistan plans to open nine enterprises in several cities of Kyrgyzstan, deputy director of the Investment Promotion and Protection Agency (IPPA) Shumkarbek Adilbek uulu told Kabar News Agency.

Adilbek uulu said that as of today agreements on all projects have already been signed and their practical implementation is expected.

"We have nine signed agreements on hand. Two of them are related to construction of an entertainment center in Osh city and construction of a school in Bishkek. The rest of seven agreements deal with different joint ventures for large-block assembly of cars, agricultural machinery as well as buses," the deputy head of the Agency said.

He explained that at this stage all negotiations on these projects' implementation were completed. Now to implement them from Kyrgyzstan’s side, it is necessary to create legal conditions so that cars from Uzbek manufacturers could be sold in Kyrgyzstan. The deputy director of the Agency said that at the first stage, exports of goods from Uzbek producers will not be carried out.

"The issue of export is not discussed yet. According to the technical regulations of the Eurasian Economic Union (EEU), in order to recognize the goods made in Kyrgyzstan, it is necessary that more than 50% of its components were produced domestically here in our country. So far we have not reached such a level of localization yet. Accordingly for the beginning, conditions will be created for the use of cars only within Kyrgyzstan without export to other countries," Shumkarbek Adilbek uulu added.

Adilbek uulu said that Uzbek Artel Engineering and the Kyrgyz company LTB will assemble washing machines of Artel brand, Perfect Plast Profil (Uzbekistan) and Kyrgyz Imzo LTD will build a manufactory for the production of plastic and aluminum profiles.

The Uzbek UzAvtoSanoat with AvtoOdoOzavod in the Kyrgyz Republic will open two enterprises for assembling agricultural machinery and trailers. The Uzbek company together with DT Technik and Avtotsentr Estakada from the Kyrgyz Republic will open factories for assembling buses and servicing transport. The company Avtotsentr Estacada and Ravon Motors Tien-Shan agreed on opening of a plant to assemble cars and a dealership center.

In addition, Artel Engineering in Tashkent will open its branch in Kyrgyzstan and will also build an entertainment center Media Park. New Uzbek companies will be opened in Bishkek, Osh and Kara-Balta.

Mon, 15 Jan 2018 18:58:35 +0600
Ministry of Finance prepares 2018 Civil Budget in new expanded format Bishkek, Jan. 13, 2018. /Kabar/. The Ministry of Finance of the Kyrgyz Republic has developed the Civil Budget of 2018 in a new expanded format to increase the transparency and availability of basic budget information, the press service of the Ministry reported.

This document is a civil version of the Law of the Kyrgyz Republic "On the republican budget of the KR for 2018 and the forecast for 2019-2020" and prepared to widely familiarize citizens with the budget and budget process.

The new Civil Budget for 2018 broadens the list of terms and concepts used in the document, describes in more detail the main normative legal acts that regulate the budgetary process, provides the structure of the budgetary system of the Kyrgyz Republic, as well as provides information on the main participants of the budget process and their main functional responsibilities.

For the first time a schedule is given for the formation of the republican budget, i.e. budget calendar with the deadline for the implementation of the main activities for the formation of budget documents.

In addition, for the first time information is provided on the possibilities for citizens to participate in the budget process, on ways to study public opinion and receive recommendations and comments on improving the content of the Civil Budget of the Kyrgyz Republic.

Sun, 14 Jan 2018 00:48:27 +0600
Minimum cost of living in Kyrgyzstan increased by 2.2% - National Statistics Committee Bishkek, Jan. 12, 2018 / Kabar /. The cost of living in Kyrgyzstan on the results of 2017 in average made 4 thousand 979 soms, the Kyrgyz National Statistics Committee (NSC) reported.

The NSC informed that this indication compared with last year has increased by 2.2% or 106.5 soms.

"Over the period from 2010 to 2016, there was an annual increase in the minimum cost of living. There were only two exceptions in 2012 and 2016, when the minimum living wage decreased," the NSC added.

Thus, the minimum cost of living for working age people in average consist of 5,479 soms, for pensioners - 5 thousand 392 soms, for children under 7 years - 3,658 soms, from 7 to 14 years - 4 thousand 325 and for children from 14 to 17 years old 4 thousand 710 soms.

Fri, 12 Jan 2018 23:30:31 +0600
Volume of Kyrgyzstan’s export to EEU markets increased by 25% Bishkek, Jan. 12, 2018 / Kabar /. The volume of Kyrgyzstan’s mutual trade with member states of the Eurasian Economic Union (EEU) exceeded $ 2 million in 11 months of 2017, which is for 14.3% more than in 2016.

The National Statistics Committee (NSC) reported that the export of goods increased by 25.7%, and the import - by 11.2%. NSC Chairman Akylbek Sultanov said that the largest share of the county’s mutual trade with the EEU member states belong to Russia (59.4%) and Kazakhstan (36.6%).

"Kyrgyzstan increased its export goods of knitted clothes, dried fruits, butter, onions and garlic to Russia. At the same time, export of bean vegetables and incandescent lamps decreased," Sultanov said.

In the import of goods from Russia, poultry meat and by-products, tires for vehicles, flour confectionery, chocolate and other food products increased. Along with this, the NSC chairman stressed that the import of pipes and profiles, paints and varnishes, as well as medicines decreased.

"Export of goods to Kazakhstan such as knitted garments, polished glass, and precious metal ores have increased. At the same time, there was a decrease in the export of plastic containers and dried fruits," Sultanov said.

In the import of goods from Kazakhstan, volumes of pasta and flour products, rice, sunflower oil, steel, hard coal, and artificial butter increased. At the same time, the import of cosmetics and wires decreased.

Fri, 12 Jan 2018 21:17:52 +0600
Kazakhstan lifts restrictions on import of confectionery products from Kyrgyzstan Bishkek, Jan. 10, 2018. / Kabar /. The Kazakh authorities announced the removal of restrictions on the import and sale of confectionery products from Kyrgyzstan, the Committee for Public Health Protection of the Ministry of Health of the Republic of Kazakhstan reported.

According to the information provided on the website of the Committee, the reason for the cancellation was sanitary and anti-epidemic measures taken by the Ministry of Health of Kyrgyzstan, strengthening of control over the Kulikovsky Confectionery enterprise, as well as the results of laboratory tests of products meeting the requirements of the technical regulations of the Customs Union.

It is reported that the Committee will continue to monitor the safety of the products of the above-mentioned enterprise at the implementation stage.

This type of control is an alternative to temporary sanitary measures.

In Nov. 2017, Kazakhstan suspended imports of dairy, meat and confectionery products from Kyrgyzstan. The reasons for such measures were violations of the requirements of technical regulations.

Wed, 10 Jan 2018 12:38:16 +0600
For 11 months Osh region exported products worth more than 1 bln soms Osh, Jan. 5, 2018. / Kabar /. For the period from January to November, products worth $ 14 million 548 thousand 500 were exported from Osh oblast to other countries, which makes more than 1 billion Kyrgyz som, Osh oblast state administration reported.

According to data, in 2017 Osh oblast traded with 53 countries, products were exported from 12 countries and imported from 51 countries. Thus, Kyrgyzstan exported its products to Uzbekistan for $ 5.6 million, Turkey - $ 3.6 million, Iran - $ 622 thousand, Russia - $ 3.5 million, China - $ more than 1 million and other countries.

Import to Osh oblast for 11 months of 2017 amounted to $ 154 million 488 thousand. Products worth more than $ 100 million were exported from China, from Uzbekistan - $ 34 million, from Turkey - $ 6 million, Russia - $ 4 million, Kazakhstan $ 5 million and from other countries.

Fri, 05 Jan 2018 09:51:46 +0600
Abdygulov: Using mobile phone units to replenish the electronic wallet has risks Bishkek, Dec. 26, 2017. /Kabar/. The final decision on whether to allow or prohibit the mobile phone companies to make payments is not accepted. The chairman of the National Bank Tolkunbek Abdygulov said this at a press conference in the Kabar News Agency. On August 1, 2017, the National Bank submitted a draft resolution for public discussion, which prohibits the subscriber's mobile phone units from being used to replenish the electronic wallet. The units can only be used for cellular services.

Abdygulov said that a decision on this matter will be made in near future. "This decision will be crucial for mobile phone companies and commercial banks. The National Bank will first and foremost rely on guaranteeing the payment of citizens. In this regard, the market itself must be ready. The National Bank has a lot of obligations, including combating money laundering. The fact is that not all 100% of subscribers of mobile phone companies are identified. There are risks that allowing the use of mobile phone units to replenish the electronic wallet may contradict the law on money laundering,” he explained.

Abdygulov stressed that their task is to ensure a guaranteed payment of citizens. However, replenishment through the mobile phone units can not fully guarantee payment for the final goal. The head of the National Bank recalled that the SIM cards are sold at airports without registration.

Tolkunbek Abdygulov also specified that biometric passports will include such technologies necessary for current financial market, which will provide security and guarantees.

Tue, 26 Dec 2017 16:22:01 +0600
Money transfers of Kyrgyz citizens in 2017 increased by 25% - Abdygulov Bishkek, Dec. 26, 2017. /Kabar/. Remittances of citizens in 11 months of 2017 increased by 25% compared to the same period in 2016 and amounted to $ 1.9 billion, chairman of the National Bank Tolkunbek Abdygulov told at a press conference at Kabar News Agency.

Thus, $ 1 billion 926.5 million were transferred to Russia from Kyrgyzstan during this period. From Kazakhstan - $3.1 million.

Out of non-CIS countries, Kyrgyz money transfers amounted to $ 39 million.

Tue, 26 Dec 2017 13:42:18 +0600
Abdygulov: National Bank is not responsible for different e-currencies Bishkek, Dec. 26, 2017. /Kabar/. The National Bank of Kyrgyzstan is not responsible for different electronic currencies, chairman of the National Bank Tolkunbek Abdygulov, told today at the press conference at Kabar News Agency.

He said that the positions of the National Bank of the Kyrgyz Republic have not changed, and the main bank of the country is responsible only for the national currency - som.

"Citizens at their own risk can invest their savings in what they want. But, the National Bank does not carry guarantees on these investments. For today, there are many different opinions about electronic currencies. Even the most venerable economists and chairmen of the National Banks of Europe say that this is another financial bubble," he said and stressed that every citizen is free to choose.

Abdygulov said that the National Bank recommends saving 30% in national currency, 30% in any foreign convertible currency and 30% in gold.

Tue, 26 Dec 2017 12:25:00 +0600
Kyrgyzstan, Kazakhstan intend to bring trade turnover up to $ 1 bln by 2020 Astana, Dec. 25,2017. /Kabar/. Kyrgyzstan and Kazakhstan intend to bring the trade turnover to $ 1 billion by 2020, Kyrgyz and Kazakh Presidents Sooronbai Zheenbekov and Nursultan Nazarbayev said at a press conference following the meeting in Astana.

"Despite the growth of our turnover by 13% in the first 10 months of this year, we should actively use the reserves that we have. For this, it is necessary to work out the possibility of expanding our trading nomenclature. The main goal that we set is to increase mutual trade up to $ 1 billion by 2020," Nazarbayev said.

He reminded that Kazakhstan is one of the key investors of the Kyrgyz economy. Nazarbayev also noted the importance of further steps to create favorable conditions for investments and companies-investors of the two countries.

"In order to improve investment cooperation, intensify trade and economic relations, we discussed the possibility of creating a business council of Kazakhstan and Kyrgyzstan," the Kazakh President said.

According to his words, this site will help to strengthen direct contacts between economic entities of the two countries, strengthen business partnership, and contribute to resolving disputable issues between enterprises.

Mon, 25 Dec 2017 22:38:27 +0600
Production of UzAvtoprom cars will begin in Kyrgyzstan till the end of 2018 Bishkek, Dec. 25, 2017. / Kabar /. Manufacture of ISUZU buses and RAVON passenger cars will begin before the end of 2018, spokesman for Uzavtosanoat JSC Sanzhar Alimov said during a press conference in Bishkek.

He said that for the accelerated implementation of the planned projects, they need the support of the Government of Kyrgyzstan in the form of special preferences and the development of appropriate legislation.

"With the support of the government, we will try to start production in Kyrgyzstan by the end of next year. In the city of Osh we already have production areas, where at the initial stage we will organize a large-scale assembly of RAVON brands. In Bishkek, we plan to launch a project to create buses of SamAvto's products, whose partner is the Japanese company ISUZU,” Alimov said.

Mon, 25 Dec 2017 12:39:57 +0600
Presentation of UzAvtoprom cars takes place in Bishkek Bishkek, Dec. 25, 2017. / Kabar /. Presentation of cars RAVON and buses ISUZU of UzAvtoprom, offered for production in Kyrgyzstan, took place in Bishkek.

Before the official part of the event, the Agency for Promotion and Protection of Investments, which is the organizer of this event, held a special press conference. During the meeting with the journalists, the Agency Director, together with the management of the Uzavtosanoat JSC, told about the agreements reached between Kyrgyzstan and Uzbekistan in the field of engineering, as well as plans for their implementation.

At the press conference, the sides noted that in 2017 the relations between Kyrgyzstan and Uzbekistan reached a qualitatively new level, as evidenced by the mutual visits of the two heads of state and the establishment of direct ties between the parliaments, ministries and departments of the two countries.

The parties also indicated that the development of industry, including the automobile industry, is one of the priorities of state policy, since it serves as the creation of a large number of jobs, the development of exports and the image of the country in the international community. At the same time, it is important to take into account the considerable experience of colleagues from Uzbekistan in the creation and development of the automotive industry and the intention to exchange experience between the two countries.

At the official part of the event, representatives of the Government of the Kyrgyz Republic and the leadership of the Uzavtosanoat JSC delivered welcoming speech, where they stressed the importance of the agreements reached and expressed confidence in their successful implementation. Further the participants were presented the cars and buses.

Mon, 25 Dec 2017 12:00:10 +0600
Experts and representatives of financial and banking sector of Kyrgyzstan discuss corporate governance Bishkek, Dec. 22, 2017 / Kabar /. The IFC (International Financial Corporation), a member of the World Bank Group, held a practical conference “New Trends and Prospects for Development of Corporate Governance in the Financial and Banking Sector of the Kyrgyz Republic”. The event was a part of the IFC Central Asia Corporate Governance Project implemented with the financial support from Swiss and United Kingdom governments.

Financial institutions play a crucial role in developing entrepreneurship, maintaining economic and social stability in the society and supporting the state’s international standing. One of the effective ways to enhance sustainability and reliability of the financial and banking system is improving corporate governance system to create necessary preconditions for adequate risk assessment, improving transparency of credit institutions, and enhancing integrity of the financial and banking sector.

Corporate governance, including in the financial and banking sphere, represents a system of interaction among key management bodies, the key pillar of which is the Board of Directors, which, representing the shareholders’ interests, is assigned to determine the strategy and supervise management’s activities.

The purpose of the conference was to discuss innovations in banking legislation related to regulation of corporate governance issues in commercial banks, namely, attracting more independent directors, improving efficiency of the Board of Directors through the work of their committees, strengthening the functions of the corporate secretary, etc. Moreover, the conference provided an opportunity to discuss challenges faced by banks in meeting regulatory and legal requirements, to exchange experience in overcoming them and consider, which initiatives could help to bring the corporate governance practice in financial and banking institutions to a new level.

During the event leading corporate governance experts and representatives of financial and banking sector of the Kyrgyz Republic also discussed a range of corporate governance specific issues, trends in international practice and prospects for development of corporate governance in the financial sector of the country.

The main sessions of the conference were built around the issues related to the work of the Broad of Directors, which is one of the key pillars of a proper corporate governance system setting the tone ‘from the top’. The quality and efficiency of its work has an influence on the formation of the whole system and the commitment of the management and the staff.

“Commercialbankshavealwaysbeenmoreprogressiveintermsofapplyingbestpracticesofcorporategovernance, which, on the one hand, is explained by the tighter regulator’s requirements as the banking activities are linked to high risks and, on the other hand, due to the need to attract investments to finance their operations,” noted Yuliya Kholodkova, coordinator of the IFC Central Asia Corporate Governance Project.

Recent amendments to legislation are mainly based on recommendations of best practices in corporate governances, including recommendations by the Basel Committee on Banking Supervision and are aimed at enhancing the efficiency of banks’ management bodies and reducing risks. In addition, adhering to international standards will enable banks to become integrated into the global financial system and attract resources on more favorable terms.

“I hope that at this Conference we shall be able to discuss not only the problems faced by banks when adopting legal requirements, but exchange experiences and plan the steps to be undertaken to make the implementation not only official, but beneficial for each financial institution,”- added Yuliya Kholodkova.

Fri, 22 Dec 2017 10:32:55 +0600
China will finance the reconstruction and rehabilitation of 60 streets of Bishkek Bishkek, Dec. 21, 2017 / Kabar /. China will finance the reconstruction and rehabilitation of 60 streets of the city of Bishkek, the press service of the Ministry of Economy of the Kyrgyz Republic reported.

Minister of Economy of the Kyrgyz Republic Artem Novikov met with Chinese Ambassador to the Kyrgyz Republic Xiao Qinghua.

During the meeting, the parties discussed issues of bilateral cooperation, including the promotion of agricultural products to the Chinese market, the transfer of excess capacities to Kyrgyzstan, cooperation under the One Belt, One Road initiative.

Also, the Exchange letters were signed between the Government of the Kyrgyz Republic and the Government of the People's Republic of China on the implementation of the Development of the Bishkek Road Network project (Phase 2).

On behalf of the Government of the Kyrgyz Republic, the document by Minister Novikov, on behalf of the Chinese government, Ambassador Xiao Qingua.

Within the second phase of the Development of the Bishkek street-road network project, 60 sections of the roads in Bishkek with a total length of about 74 km will be rehabilitated and reconstructed.

The project will be implemented through free technical and economic assistance to the Government of the PRC to the Government of the Kyrgyz Republic. The total cost of the project is 278 million 730 thousand yuan.

Earlier on June 20, 2016, Exchange letters were signed between the Governments of the Kyrgyz Republic and the PRC on the implementation of the first phase of the project "Development of the Bishkek Road Network". At present, the first phase of the project is underway, where 49 streets are reconstructed and rehabilitated, with a total length of about 100 km. Funds for the implementation of the first phase of the project were allocated by the Government of the PRC in the form of free technical and economic assistance in the amount of 481 million yuan.

Thu, 21 Dec 2017 09:41:18 +0600
IMF: Growth of Kyrgyzstan’s economy will be 3.3% in 2018 Bishkek, Dec. 20, 2017 / Kabar /. The growth of Kyrgyzstan’s economy this year will be 3.2% , the International Monetary Fund website reported. Kyrgyzstan’s economy in 2018 will grow by 3.3% based on the IMF forecast.

The state debt of Kyrgyzstan, according to the IMF forecast will make up 58.2%.of GDP in 2018.

Export is expected to grow by 6.2% in 2018. Import will grow by 11.5% in 2018.

Since the beginning of this year, the IMF forecasted a 3.5% growth in the republic's economy. The difficulties that arose in October with the passage of goods on the Kyrgyz-Kazakh border led to a decrease GDP growth by 0.3 percentage

Wed, 20 Dec 2017 17:51:54 +0600
EBRD and KICB support sugar producer Kaindy-Kant Bishkek, Dec. 20, 2017 / Kabar /. The EBRD and the Kyrgyz Investment and Credit Bank (KICB) are providing financing to the country’s leading sugar producer, Kaindy-Kant.

A loan agreement for US$ 2 million was signed today in the capital, Bishkek. The funds will provide Kaindy-Kant with working capital related to the procurement and subsequent storage, transportation and processing of sugar beet.

The cooperation with the EBRD and the EU Investment Facility for Central Asia will allow KICB to introduce innovative financing instruments (including risk-sharing and lending to medium-sized corporate firms) to provide local companies with more finance at better rates.

Established in 1963 and privatised in 1999, Kaindy-Kant is the leading sugar producer in the Kyrgyz Republic. The company operates a plant which processes sugar beet and sugar cane, and a network of sugar beet collection points in the Chui region. More than 3,500 local farmers supply sugar beet to Kaindy-Kant, which is now operating two sugar processing plants.

Before the collapse of the Soviet Union, the Kyrgyz Republic was known as the “sugar beet basket of Central Asia”.

The company’s focused approach on cooperation with farmers has spurred a revival of sugar beet cultivation in the Kyrgyz Republic. In the past five years alone, sugar beet production in the Chui region has increased almost sevenfold.

Natalia Khanjenkova, EBRD Managing Director for Central Asia and Russia, said at the signing: “We are pleased to support yet another leading private enterprise in the country. Boosting Kaindy-Kant will benefit the whole economy and make it more resilient. We highly appreciate our cooperation with the European Union, and will continue working with KICB and international donors to support private sector development in the Kyrgyz Republic.”

To date, the EBRD has invested over €660 million in the economy of the Kyrgyz Republic, with a majority of investments supporting private entrepreneurship.

Wed, 20 Dec 2017 17:41:14 +0600
Kyrgyz National Strategy for Sustainable Development -2040 aims at human development Bishkek, Dec. 19, 2017 / Kabar /. The National Strategy for Sustainable Development (NSSD) for 2018-2040 is primarily aimed at human development, head of the Presidential Administration for Financial and Economic Analysis and Development of Monitoring, Nursulu Akhmetova told at a conference dedicated to discuss security challenges of Kyrgyzstan.

NSSD-2040 creates conditions for comfortable human development by improving the economy, social environment, etc., Akhmetova stressed.

"A system will be organized for a person in such a way that would cover all his needs. This is the system of education, health care and business management. We should create such conditions, because today the world is making headway, new technologies and new types of threats are emerging. For example, cyber security is one of the challenges in the informational field," she said.

The security includes also environmental security, because a person can not develop and go forward in a deprived and disadvantaged nature, she said.

Tue, 19 Dec 2017 14:25:50 +0600
Russian consumers highly value Kygyz products Bishkek, Dec. 18, 2017 / Kabar /.The growth of economic interaction at the regional level is one of the real mechanisms for increasing the growth of trade between Russia and Kyrgyzstan. Nowdays Kyrgyz products are clearly gaining momentum in Russian markets, Minister of Economy of Kyrgyzstan, Artem Novikov told this in his welcoming speech at the 6th Kyrgyz-Russian interregional conference that took place last week in Bishkek.

Within 10 months of this year, Kyrgyzstan's trade turnover exceeded $ 1 billion and about two hundred million dollars, or 20% of this amount is the export of Kyrgyz products to the markets of Russian Federation.

"The main export items are agricultural, textile, animal and dairy products. These are the directions in which Kyrgyzstan has a lot of experience and in fact, they all have ecologically clean standards. The products made on the territory of Kyrgyzstan were highly valued by Russian consumers, colleagues, and by the authorized bodies and the Rosselkhoznadzor. Currently 42 kyrgyz enterprises are under consideration by the Rosselkhoznadzor for inclusion in the List. This once again confirms the desire and ability of our entrepreneurs to supply their products to Russia," the minister stressed.

To date, the regions of Russia and Kyrgyzstan have a huge interest in cooperation. They have already concluded fairly large number of agreements on trade, economic and cultural-humanitarian cooperation, Novikov added.

“It is also worth noting that in the first 10 months of this year, the export of dairy products to Russia increased by 1.7 times, fruits and nuts - by 2.3 times, clothing made from textile and knitted fabrics by 2.5 times, footwear by 2, 4 times, glass and its products - 2.4 times, different parts for vehicles almost - 16 times. There are many directions in which we are growing. These are all statistical data. Entrepreneurs, their families, people, real people by increasing cooperation, increased the level of commodity turnover, improve their well-being and consequently, the life of ordinary citizens is getting better. This is one of the main key components in the development of the cooperation that we have," Novikov said.

Minister in his speech emphasized that the brand "Made in Kyrgyzstan" is firmly strengthening in Russian market. By increasing level of Russian-Kyrgyz cooperation, it is planned to increase its demand. This is the long term goal.

Tue, 19 Dec 2017 00:43:09 +0600
Meeting of Council for Business Development will be conducted in Bishkek Bishkek, Dec. 18, 2017 / Kabar /.Meeting of Council for Business Development under Parliament will be conducted in Bishkek on Dec. 19.

Within the framework of the regular meeting of the council, the issues on the necessity of introducing the corresponding amendment, more precisely the process of adopting interpretation of Kyrgyz Republic Law on “Rules of the Parliament “ will be considered.

Situation with the definition of regulatory policy, the use of legitimate tools for conducting and assessing the effectiveness of regulatory reforms will also be discussed. In addition, the Department of Tourism will talk about the implementation of Parliament resolution "Issues of Tourism Development in the Kyrgyz Republic".

Representatives of factions and profile committees of the Parliament deputies, heads of relevant ministries and departments, as well as representatives of business associations will take part in the meeting. Chairman of the Council is the Speaker of the Parliament himself. Dastan Dzhumabekov, deputy Abdyvahap Nurbayev and President of the Chamber of Commerce Marat Sharshekeyev will be among the participants.

The main task of the Council is to consolidate the potential of business environment in the country, increase investment attractiveness and promote entrepreneurship in Kyrgyzstan. This Council is a platform for the development of proposals and recommendations in legislation regulating business activities, monitoring and analysing of regulatory legal acts in the field of entrepreneurship.

Mon, 18 Dec 2017 23:41:00 +0600
Construction of transit gas pipeline from Turkmenistan to China will be started in Kyrgyzstan in late 2019 Bishkek, Dec. 18, 2017 / Kabar /. Construction of transit gas pipeline from Turkmenistan to China will be started in Kyrgyzstan at the end of 2019, chairman of the Kyrgyz State Committee of Industry, Energy and Mineral Resources, Ulanbek Ryskulov told.

The gas pipeline will start from Turkmenistan, then through Uzbekistan and Tajikistan it will come to Kyrgyzstan and from here it goes to China.

"The Chinese company SINO-Pipeline International Company Limited will build the gas pipeline. The pipeline will run through the territory of Chon-Alai towards Irkeshtam in Kyrgyzstan. The total length in Kyrgyzstan will be approximately 215 km, the throughput capacity will be 3 billion cubic meters. Total construction of the project is estimated at $ 1.2 billion. The construction will be carried out entirely at the expense of the Chinese side. The project according to plan will be accomplished by 2020," Ryskulov said.

The issue of allocating land in Kyrgyzstan for this project has been resolved, Ryskulov told. The traffic control station will also be built in our country.

An agreement on this project was signed back in 2013, and construction was to be completed in 2016.

"But, it was not implemented on time because there are difficult conditions for its realization in Tajikistan. There are many passes, tunnels and rivers in the area. In addition, Turkmenistan has not yet issued a plan for the production of natural gas, "said the Kyrgyz chairman on Energy and Mineral Resources.

Mon, 18 Dec 2017 19:16:33 +0600
Ministers of Economy of Kyrgyzstan and Tatarstan discuss trade and economic cooperation Bishkek, Dec. 16, 2017 / Kabar/. Within the framework of the 6th Kyrgyz-Russian interregional conference that took place on December 15, 2017 in Bishkek, Ministers of Economy of the Kyrgyz Republic Artem Novikov and the Republic of Tatarstan Artem Zdunov discussed the issues of trade and economic cooperation, the press service of the Ministry of Economy of Kyrgyzstan reported.

During the meeting, Tatarstan Minister of Economy Zdunov expressed admiration, noting that he was struck by the beauty of Issyk-Kul region. He said that, for the first time he was in Issyk-Kul five years ago. "I know firsthand about the beauty of this region. Once I participated in the excursion to Issyk-Kul. Then we reached the Kyrgyz-Kazakh border. Infrastructure is Soviet, but the places are unique, just awesome," the minister said.

In his turn, Kyrgyz Minister Novikov expressed his gratitude to the colleague, saying that the infrastructure of the region is developing. In particular, the functioning of the international Tamchy airport. The airport can accept planes with guests from different countries. We are ready to receive your tourists with their families," he said.

Sat, 16 Dec 2017 18:59:50 +0600
Kyrgyzstan, Russia sign bilateral documents on cooperation Bishkek, Dec. 16, 2017 / Kabar/. A signing of bilateral documents was held in Bishkek on December 15, 2017, on the results of the 6th Russian-Kyrgyz interregional conference, the press service of the Ministry of Economy of the Kyrgyz Republic reported.

Thus, the following documents were signed:

- Agreement between the Government of the Kyrgyz Republic and the Government of Tatarstan on trade and economic, scientific, technical and socio-humanitarian cooperation.

- Memorandum of Cooperation between Mechel-Steel Management Company and Kyrgyz Temir Jolu SE.

- Framework Loan Agreement between Roseximbank and the Russian-Kyrgyz Development Fund.

Sat, 16 Dec 2017 18:41:01 +0600
Kyrgyzstan to supply products to Russian markets Bishkek, Dec. 15, 2017. / Kabar/.Kyrgyzstan will supply food products to Russian supermarkets Pyaterochka, Perekrestok, and Karusel. The Memorandum of Intention was signed today during the sixth Kyrgyz-Russian interregional conference in Bishkek between the Kyrgyz Ministry of Economy and the Russian company X5 Retail Group.

Within the framework of the conference, Kyrgyz Minister of Economy Artem Novikov met with Stanislav Naumov, Director for Interaction with the Public Authorities of the Russian Open Joint Stock Company (OJSC) X5 Retail Group.

Both sides will promote the expansion of mutually beneficial trade cooperation between economic entities of Kygyzstan and large trading networks of Russia.

Ural region in Russia is waiting for products from Kyrgyzstan, Naumov said. "We want to sell the best quality products. I managed to evaluate the quality of vegetables, meat and beverages in Bishkek. We expect that a wide range of goods will be supplied to Russia," said Naumov.

"Russia's largest trading network is interested in products from Kyrgyzstan,” the director of X5 Retail Group company said .

X5 Retail Group is one of the leading Russian multi-format food retail companies that manages the stores of several retail chains: Pyaterochka, Perekrestok, Karusel.

Fri, 15 Dec 2017 22:04:10 +0600