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Thursday, July 27, 2017

World Bank finds business climate improvement in Kyrgyz Republic

The World Bank recently announced that Kyrgyz Republic's business climate significantly improved since the financial crisis of 2008, though business corruption remains an issue.

The information came from the "2013 Business Environment and Enterprise Performance Survey," a joint initiative of the European Bank for Reconstruction and Development and the World Bank Group.

The survey gathered data from 270 firms in all six of Kyrgyz Republic's oblasts. The goal was to measure their perception and experiences on a broad range of issues concerning business. The issues included regulations and red tape, taxation, unofficial payments and corruption, labor and workforce development, access to financing, courts in legal system, and infrastructure.

The survey showed overall improvement in the country since 2008. It also found room for improvement in the areas of corruption and political instability. The country's third worst obstacle is tax rates, according to the survey.

The World Bank's overall mission in the Kyrgyz Republic is to reduce poverty, promote economic growth and shared prosperity.