That week will be remembered not only by the fact that the head of the World Bank Office in Kyrgyzstan was replaced, but also by two other events: the tax authorities of the country collected in July more taxes than a year earlier, when the pandemic still fetters economic activities, and the country's agricultural producers exported their products no less than a year earlier by this time of year. However, it turned out that the consumption of electricity in the country in July fell significantly. At the same time, the fiscal authorities have once again reported on the distribution of funds received from abroad. At the same time, it turned out that the country's Ministry of Finance has created a reserve fund to support the country's budget, the funds of which are replenished through donor flows.
In general, the events of the week turned out to be more optimistic, increasing the hope for the restoration of business life in the country as soon as the fight against the common ailment is successfully completed.
New WB representative. The World Bank this week announced the change of its representative in Kyrgyzstan. Hasan Naqvi became the new head of the World Bank office in the Kyrgyz Republic.
Naqvi replaced Bolorma Amgaabazar, who has held this post since August 2017, in this position.
Naqvi held various positions in the World Bank, working in Europe, Central Asia and South Asia. Prior to his new appointment, he was the WB representative in Azerbaijan from 2016 to 2020.
Navid Hasan Naqvi holds degrees in economics, political science and civil engineering. He received his PhD from the University of Hull, UK, for his study of economic growth.
Creative concept. This week the start of the development of the Concept of Intellectual Economy in the country was announced.
The Ministry of Economy of the Kyrgyz Republic noted that taking into account the ongoing changes in world markets and the COVID-19 pandemic, new parameters of economic growth are being determined today, based on the transition to fast, less capital-intensive and innovative solutions.
The concept is intended to lay the regulatory, legal and economic foundations for the development and promotion of the innovative direction of economic policy - the creative industry.
Consumption dropped. According to data of the National Electric Grid of Kyrgyzstan OJSC in July 2020, electricity consumption in the Kyrgyz power system amounted to 860 million 577 thousand kWh.
According to the updated data of the energy company, in 2019 for the same period, consumption amounted to 939 million 739 thousand kWh. This is 70,162 thousand kWh more than this July.
Donor’s money. Kyrgyzstan has received a total of USD 333.3 million from international donors this week.
Deputy Minister of Finance of the Kyrgyz Republic Abdybaly Tegin Suerkul said that, funds from donors are distributed in three areas: to support finance, to fight coronavirus infection and to support the economy.
"USD 260.2 million out of USD 333.3 million were directed to support the budget, USD 44.1 million were directed to the fight against coronavirus infection through the Mandatory Health Insurance Fund (MHIF), USD 29 million were directed to support the economy," the deputy minister said.
Collected more taxes? The State Tax Service of Kyrgyzstan in July 2020 collected KGS 6 billion 859.1 million of taxes and payments. The established plan was fulfilled by 109.9%, or exceeded by KGS 616.1 million.
Compared to the same period in 2019, tax receipts increased by KGS 548.9 million, which is surprising. At the same time, for 7 months of this year, KGS 40 billion 452.3 million taxes and payments were collected.
However, what is the reason for this result of tax collection in the current conditions, the department does not explain. But when the situation in all spheres of the country's economy leaves much to be desired, such a result cannot be surprising.
Reserve funds. It was announced this week that USD 260.2 million has been allocated to support the country's budget from international donor assistance. In Kyrgyz som terms, this amount is equal to KGS 20 billion 448 million.
At the same time, the Ministry of Finance of the Kyrgyz Republic states that out of this amount, KGS 7.9 billion are in reserve to support the economy.
“Now KGS 12 billion 467 million have been used for budget support. These funds were used to pay salaries to workers in the health care system, education, military personnel, law enforcement officers in the amount of KGS 7 billion 169.1 million. For social needs, KGS 860 million were allocated as contributions, KGS 2 billion 309.7 million were allocated for the payment of pensions to the Social Fund. To replenish strategic stocks - the purchase of grain by the State Material Reserves Fund - KGS 240.1 million were allocated, KGS 169.4 million were allocated for the purchase of food products and textbooks, ” the official said.
Waste of the MHIF. USD 44 million 104 thousand 596, received from international donors, were allocated for support through the system of the Health Insurance Fund of the Kyrgyz Republic.
Deputy Minister of Finance of the Kyrgyz Republic Abdybaly tegin Suerkul said this week that these funds were used to purchase and deliver personal protective equipment in the amount of USD 5 million 397 thousand 261.
“Also, USD 1 million 305 thousand 974 were allocated for the purchase of disinfectants, USD 73 thousand 807 for the purchase of laboratory reagents, USD 8 million 166 thousand 329 for the purchase of medicines, USD 11 thousand 836,6 for the purchase of 10 ventilators, 50 BIPAP machines, 3 ECG machines, 40 monitors and others, USD 1 mln 503 thousand 339 were spent for the purchase of household goods - USD 20 thousand 224 for the purchase of ambulances - USD 764 thousand 900 for the payment of salaries to doctors and compensations - USD 24 mln. 952 thousand 284 for the purchase of food - USD 1 mln. 911 and USD 381 thousand 727 were spent on repairs,” the official said.
Success in At-Bashy. The new transformer was successfully tested at the At-Bashy HPP.
Electric Stations OJSC reported this week that this should increase the plant's reliability.
The hydroelectric power plant covers 30% of the electricity needs of Naryn Olast and regulates the grid voltage and load in the winter. Work on the replacement of the T-1 transformer began on June 24, 2020 and completed on July 31, 2020. Complex tests were successfully carried out during the scheduled 72 hours.
Agricultural export. Kyrgyzstan exported agricultural products worth USD 110 million in 6 months of 2020.
According to Minister of Agriculture, Food Industry and Land Reclamation Erkinbek Choduyev, this result is not inferior to last year's figures. “52% of the products were exported to the EAEU countries, mainly to Kazakhstan and Russia. The export of our products to Arab countries also increased, in particular, products worth USD 11.5 million were exported to Syria and the UAE,” the minister said.
EFSD’s loan. It was announced this week that the Council of the Eurasian Fund for Stabilization and Development has made a decision to provide Kyrgyzstan with a USD 100 million loan.
According to information from the Ministry of Finance of Russia, the loan will be used to implement the program of the Government and the National Bank of Kyrgyzstan to counter the impact of the spread of the COVID-19 virus on the economy, financial and social sectors.
Kabar News Agency
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