Kyrgyzstan GDP forecast for 2007 � not below 8%

Kyrgyz Government plans to reach GDP rate not below 8% by this year, reports the agency with reference to Minister’s Cabinet press-service.

As declared Kyrgyz Minister of Economic Development and Trade Sabyrbek Moldokulov on government session, inflation rate will not rise more then 6% by this year, budget deficit will amount roughly 3,2%, monetary aggregates will arrive at 24 – 26% level. According to his words, all these parameters are placed in the plan of Kyrgyzstan rapid development for 2007. As expected, during a year industry growth will total 18%, agriculture growth – 6%.

In the current year Kyrgyzstan Ministers Cabinet counts on new industrial objects exploitation and production volume growth of Aksu corn producing center, Kadamzhai antimony center and several cement plants launched on Kazakh investors’ funds.

For further development of Kyrgyzstan this year planned to develop mid-term budget forecast, national energy program for 2007 – 2010, mid-term tariff policy until 2010, coal industry development program until 2010 and other strategic documents.

As reported earlier, Kyrgyz President Kurmanbek Bakiyev demanded from the government in February to develop as fast as possible a plan of rapid development for 2007. This order country leader had given after Kyrgyzstan official refusal to enter the program of external debt discard (HIPC).

HIPC (Highly Indebted Poor Countries) debt initiative is a program to help most poor countries with high debt level which was offered by World Bank and International Monetary fund in autumn 1996. This initiative is a mechanism of complex weakening of external debt from international financial organizations and also from bilateral creditors of the country. Participation in this initiative has volunteering character both for debtor and creditor. During 10 years more then 29 countries have joined the program.
Kyrgyzstan external debt today amounted more then USD 2.1 billion. By this year republic will allocate about USD 50 million to pay debt back.

Source: gazeta.kz

Date: 19 March 2007

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