Kyrgyz Republic : Fiscal Sustainability Study
The study reviews the macroeconomic developments in the Kyrgyz Republic following the collapse of the Soviet Union, when adjustments were required since output fell by fifty percent between 1991-95, resulting in adverse fiscal consequences, which t...
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| Format: | Publication |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2001/12/1652162/kyrgyz-republic-fiscal-sustainability-study http://hdl.handle.net/10986/14031 |
| Summary: | The study reviews the macroeconomic
developments in the Kyrgyz Republic following the collapse
of the Soviet Union, when adjustments were required since
output fell by fifty percent between 1991-95, resulting in
adverse fiscal consequences, which triggered losses in tax
revenues, along with the implicit end of energy subsidies.
Part I examines the fiscal, and debt sustainability,
proposing a three-fold strategy: a) efforts for an urgent
renewal are needed to consolidate macroeconomic stability --
fundamentally, a significant fiscal adjustment is required;
b) debt relief should be considered, given the large burden,
and there is the need to preserve social expenditures; and
c) decisive structural reforms are necessary to underpin
fiscal adjustment, and increase the efficiency of resource
uses. Part II examines the structural issues, particularly
the tax system, and the role of the state in infrastructure
and utilities, focusing on accelerating the transformation
of public infrastructure and utility companies, and how to
improve taxation. The report also emphasizes a transparent
and targeted system in the provision of basic services to
the poor, through reform policies and the inclusion of the
private sector. |
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