The National Bank of the Kyrgyz Republic's (NBKy) Nurbek Zhenish met with representatives from the International Monetary Fund (IMF), the regulator announced on Wednesday.
The IMF mission delegation visited Bishkek, the capital, in order to gain information that would be used in the determination of possible funding and cooperation agreements. The delegation was led by Torah Hugh. A major part of the mission was the assessment of the protective mechanisms that the NBKy has in place.
The IMF Executive Board approved a three-year arrangement with the Kyrgyz Republic on April 8, which would provide approximately $92.4 million through the Extended Credit Facility. Immediate disbursement of approximately $13.2 million was carried out shortly after the arrangement was approved.
The reasoning behind this was that even with strong performance in a previous three-year arrangement, there are still challenges in the country's financial system and its overall economic performance, including regional turbulence and a high level of public debt.