This week, events in the economic life of the country continued the trend of the previous one. The issues of combating the shadow economy were considered, the head of the National Bank continued contacts with international financial institutions, the customs collected a little more money, regional governors began to contact partners in Russia.
At the same time, the country's GDP continues to fall, industrial production has decreased, as well as foreign trade, and the Government has tried to explain why the prices of goods are not falling.
In general, in the face of a worsening pandemic, the country's economy is still developing.
Against shadow economy. This week announced the resumption of the activities of the Interdepartmental Working Group (IWG) under the Ministry of Economy and Finance to discuss the draft law on cashless payments.
The IWG includes representatives of the Ministry of Economy and Finance, the National Bank, the State Tax Service, the State Registration Service, companies and business associations.
IWG member, Deputy Executive Director of the International Business Council Dastan Imanaliev said that the bill was developed for the further development of the financial market by increasing the share of non-cash turnover. This will help increase tax revenues to the budget by reducing the level of the shadow economy.
According to the results of various studies carried out in recent years with the support of international donors, the volume of the shadow economy in Kyrgyzstan varies from 30% to 39% of GDP. According to data of the National Statistics Committee of the Kyrgyz Republic, the share of the non-observed (hidden and informal) economy in GDP in 2018 amounted to 23.4% of GDP and amounted to KGS 133.4 billion.
The National Bank and financial institutions of the world. This week, head of the National Bank of Kyrgyzstan, Tolkunbek Abdygulov, took part in the Spring Meeting of the Governors of the World Bank Group and the International Monetary Fund, held in the format of videoconferences.
As part of the event, a number of online meetings were held, during which they discussed issues of macroeconomic policy and maintaining financial stability, measures taken to combat the economic consequences of the pandemic and restore economic growth in the Caucasus and Central Asia.
GDP of Kyrgyzstan. It was announced this week that in Kyrgyzstan in January-March 2021, the GDP amounted to more than KGS 118 billion.
Deputy Chairman of the National Statistics Committee Azamat Orosbaev said that this is 9.4% less than the same period in 2020.
“Without taking into account the enterprises for the development of the Kumtor deposit, the volume of GDP amounted to about KGS 106 billion and decreased by 4.5%. The volume of industrial production amounted to more than KGS 73 billion and, compared to January 2020, decreased by 17.9%,” the specialist informed.
Customs duties. In the 1st quarter of 2021, the State Customs Service of the Kyrgyz Republic collected payments for KGS 8.4 billion, which is 2.6 billion more than in the same period last year.
According to the press service of the Customs Service, the plan has been fulfilled by 87%.
The coronavirus pandemic and related restrictions on the movement of goods continue to have a negative impact on trade between countries. The decrease in import volumes also affected the volumes of customs payments, but, nevertheless, in comparison with the 1st quarter of last year, the GTS ensured the receipt of customs payments by KGS 2.6 billion with a growth rate of 144.5% compared to the 1st quarter of 2020, the press service said.
Decline in industrial production. The volume of industrial production in Kyrgyzstan in the first quarter of 2021 amounted to about KGS 73 billion.
According to the official data of the National Statistics Committee of the Kyrgyz Republic, compared with January-March 2020, the volume of industrial production decreased by 17.9% due to a decrease in the production of basic metals and finished metal products, except for machinery and equipment - by 38.4%, chemical products - by 27.8%, textiles, clothing and footwear, leather and leather goods - by 14.6%, as well as mining - by 18.1%.
In January-March 2021, negative trends were observed in construction, where the decrease in volumes amounted to 19.8%, wholesale and retail trade - 11.4%. At the same time, for the specified period in agriculture, on the contrary, there was an increase in volumes by 0.9%.
Foreign trade. The volume of foreign and mutual trade of Kyrgyzstan in January-February 2021 amounted to USD 800 million and compared with January-February 2020 decreased by 18.3%.
According to data of the National Statisticsl Committee of the Kyrgyz Republic, while export supplies decreased by 25.5%, import receipts - by 15%.
The volume of mutual trade of the Kyrgyz Republic with the member states of the Eurasian Economic Union in January-February 2021 amounted to about USD 393 million and compared with January-February 2020 decreased by 12.9%. At the same time, export supplies decreased by 17.1%, and import receipts - by 11.6%. The largest share of the republic's mutual trade with the EAEU countries in January-February 2021 fell on Russia (68.7%) and Kazakhstan (29.3%).
Aiyl Bank and Union of banks. This week the Agricultural Projects Implementation Unit of the Ministry of Agriculture, Water Resources and Regional Development of the Kyrgyz Republic held the Grant Agreements signing ceremony with the Union of Banks of Kyrgyzstan and Aiyl Bank, the winners of the competitive bidding for the development of digital innovative financial products for agriculture of the Access to Markets Project.
The representatives of UNIFAD, IFC, RKDF, National Bank of the Kyrgyz Republic, commercial banks, microcredit companies, the Ministry of Finance, the Ministry of Agriculture, Water Resources and Regional Development, various associations of financial institutions and unions participated in the Grant Agreements signing ceremony.
The funds allocated by the Access to Markets Project will be used to partially finance the development of banking digital financial products that stimulate the development of electronic relationships with representatives of the agro-industrial complex.
Commodity prices. This week, Deputy Prime Minister of Economy and Finance of the Kyrgyz Republic Ulukbek Karmyshakov explained why there was a sharp jump in meat prices.
He said that, the cost of meat began to rise after the export of live cattle to neighboring Uzbekistan was allowed and therefore there was a jump in prices.
“Now we are unable to return the old prices even after the ban on the export of livestock. This is natural because prices have risen and it is difficult to bring them back down. Secondly, we export meat from small and large horned livestock to the UAE, this is also one of the factors of price increases,” Karmyshakov said.
The official noted that unfortunately, there are no more effective measures other than the export ban. “But on the other hand, we live in market conditions, it is profitable for our farmers to sell. Another factor is that the prices for both local and imported feed have increased. All these factors influence the rise in meat prices,” he added.
Visit of the governor. The governor of Issyk-Kul Oblast Elchibek Dzhantaev, at the head of the Kyrgyz delegation, arrived this week on a working visit to the Ural Federal District of Russia.
The governor visited the Chelyabinsk region, where he met with Deputy Governor Stanislav Mosharov.
The sides discussed the development of interregional trade, economic, cultural and humanitarian ties, the possibility of mutual deliveries of goods and products, as well as the creation of joint ventures.
At the same time, Dzhantaev spoke about the priority sectors of the economy of Issyk-Kul Oblast and the tourism potential of Kyrgyzstan. He proposed to intensify cooperation in the field of tourism and the organization of health-improving recreation for residents and employees of industrial enterprises of the Chelyabinsk region in the resort and recreational institutions of Issyk-Kul Oblast.
Kabar News Agency
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