The World Bank announced last week that the Kyrgyz Republic has been reclassified as a lower-middle income country from a low-income country in the 2014 Income Classifications released this month by the World Bank.

According to a bank press release, the analytical country classification groups world economies into four categories based on gross national income (GNI) per capita in 2013: low-income, lower-middle income, upper-middle income and high-income.

Low income economies are defined as those with a GNI per capita of $1,045 in 2013; middle-income economies are those with a GNI per capita of more than $1,045 but less than $12,746; and high-income economies are those with a GNI per capita of $12,746 or more. The bank separates lower-middle income and upper-middle income economies at a GNI per capita of $4,125.

Kyrgyzstan's estimated GNI per capita for 2013 is $1,200, up from $1,040 in 2012.

The World Bank has given Kyrgyzstan more than $1 billion in financial assistance in the form of grants and highly concessional credits since 1992.