he International Monetary Fund's (IMF) executive board recently completed its sixth and final review of the Kyrgyz Republic's economic performance under a program supported by a three-year, $106 million arrangement under the extended credit facility (ECF).
Completion of the review enabled the immediate disbursement of approximately $14.7 million.
The ECF arrangement, approved in June 2011, was successfully concluded by the Kyrgyz Republic without delays and with robust performance. The IMF noted strong adherence to the authorities' fund-supported program played an integral role in achieving economic recovery and macroeconomic stabilization during the nation's 2010 domestic crisis.
During the past three years, average economic growth remained strong and broad-based and was supported by a generally stable political environment, a largely favorable external environment and solid credit growth.
At the same time, inflation has substantially fallen while fiscal adjustment has been commendable, and system-wide banking indicators are improving while the overall structural reform agenda has advanced.
Economic activity, which had a strong growth of 10.5 percent last year, moderated to 5.6 percent year-on-year in March, while inflation increased slightly as a result of the depreciation of the Kyrgyz som in response to pressures on the Russian ruble and the devaluation of the Kazakh tenge.
A new monetary framework was adopted at the end of 2013 aimed at improving the transmission mechanism of monetary policy.
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