This business week in Kyrgyzstan was more active. Despite the fact that foreign trade decreased significantly, exports from Kyrgyzstan increased slightly. Indicators of industrial production also increased, although large production declines were noted in a number of industries. Consumer prices rose slightly, but it was announced that pensions would be raised. For the first time during the pandemic, a massive import of goods into the country has begun. The prime minister announced about readiness of the government for the second wave of coronavirus, since a large amount of money was reserved, and that agreements had been reached with creditors to suspend debt payments until the end of the year.
In general, the week showed the hard work of both the government of the country and the entire business sector.
Foreign trade. The foreign trade turnover of Kyrgyzstan in January-July 2020 amounted to more than USD 3 billion and, compared to January-July 2019, decreased by 21.7%.
According to data of the National Statistics Committee of the Kyrgyz Republic, export supplies increased by 1.7%, while import receipts, on the contrary, decreased by 30.9%.
The volume of mutual trade with the Eurasian Economic Union (EAEU) countries during this period amounted to about USD 1.3 billion and, compared to January-July 2019, decreased by 17.9%.
Export supplies decreased by 23.5%, while import receipts - by 16.2%. The largest share of the republic's mutual trade with the EAEU member states fell on Russia (66.7 percent) and Kazakhstan (31.3 percent).
The volume of manufactured goods. The volume of industrial production in Kyrgyzstan in January-August 2020 amounted to more than 205 billion soms.
According to the National Statistical Committee of the Kyrgyz Republic, this indicator increased by 0.1% compared to January-August last year, due to an increase in the production of pharmaceutical products by 2.5 times, chemical products by 17.9%, production of basic metals and finished metal products, except for machinery and equipment - by 11.6%.
However, negative trends were observed in construction, where a decrease in volumes was 7.8%, wholesale and retail trade - 17.2%, but in agriculture, an increase in volumes was noted by 1.8%.
Prices are rising. In January-August 2020, consumer prices and tariffs in Kyrgyzstan increased by 2.2%.
The National Statistics Committee of the Kyrgyz Republic claims that this is due to an increase in prices for food products and non-alcoholic beverages by 4.2%, for alcoholic beverages and tobacco products - by 5.6%, for tariffs for services - by 0.1%.
However, in August of this year, compared with December last year, prices for non-food products decreased by 0.7%.
The process of importing goods. Importers of Kyrgyzstan this week within one day since the moment of operation of goods counting offices, 65 wagons of goods with a total weight of 352 tons intended for commercial purposes were imported by the railway and 374 kg of goods (cargo) were delivered by air.
The State Tax Service of the Kyrgyz Republic informs that points of accounting of goods has begun to operate this week at the international airports Manas, Osh, at the railway stations Bishkek-1, Alamedin, Kara-Balta and Kara-Suu within the framework of trade with the EAEU member states when importing goods to Kyrgyzstan.
The State Tax Service of the Kyrgyz Republic calls on importers who import goods by rail or air to keep records of documents for the imported cargo at the goods registration point for subsequent administration and taxation.
Pensions will raise. Indexation of pensions will be carried out in Kyrgyzstan from Oct. 1.
Prime Minister of the Kyrgyz Republic Kubatbek Boronov announced this week that following the indexation, pensions for Kyrgyzstanis will grow by 7% from Oct. 1 of this year.
“Indexation work is carried out every year. This year, despite the coronavirus, we have not forgotten to do this work,” he said.
Cost savings. This week, Prime Minister of the Kyrgyz Republic Kubatbek Boronov said that the total amount of the country's external debt is USD 4 billion 169 million.
“Today we are working on a temporary suspension of payments until the end of the year in connection with the coronavirus pandemic,” he said.
He said that members of the Paris Club decided to temporarily suspend debt collection from their creditors from May to December. Negotiations were held with some funds of the Arab countries and Turkey, and agreements were reached on deferring loan payments until the end of 2020. A similar agreement has been reached with the Export-Import Bank of China, said Boronov.
“Such measures of the government of Kyrgyzstan will save USD 35 million or KGS 2.6 billion,” he said.
Investment inflow. The inflow of foreign direct investment to Kyrgyzstan in January-June 2020, compared to the same period in 2019, decreased to 2.4 times and amounted to USD 164.4 million.
According to data of the National Statistics Committee of the Kyrgyz Republic, in the structure of foreign direct investment compared to the first half of last year, there was a decrease in all components. At the same time, the decrease in reinvested profit (the volume of which depends on the retained profit (loss) of the enterprise and paid dividends) was due to an increase in the paid dividends compared to the first half of 2019 by more than 15 times.
The bulk of foreign direct investment (83%) was directed to manufacturing enterprises, geological exploration, financial intermediation and insurance, information and communications, as well as wholesale and retail trade. At the same time, the volume of investments in the sphere of financial intermediation and insurance increased by 29.6%, while investments in geological exploration decreased to 6 times, manufacturing enterprises - 2.2 times, information and communications - by 27. 9%, wholesale and retail trade - by 23.9%.
Electronic invoices. From July 1 to Sept. 18, 2020, entrepreneurs of Kyrgyzstan issued 1 million 71 thousand electronic invoices for a total amount of KGS 127 billion 241.2 million.
According to data of the State Tax Service of the Kyrgyz Republic, since the launch of the new service system, the number of users of electronic invoices amounted to 9 thousand 911 entrepreneurs.
The VAT payers, importers and exporters of goods transferred to the mandatory use of electronic invoices from July 1 of this year.
An electronic invoice has several advantages over a paper document. In particular, the work in the system is carried out through secure channels, using cryptographic protection means, the system operates around the clock, there is a fairly simple and intuitive interface. In addition, the electronic document reduces the number of errors made when drawing up invoices, and fast delivery of the invoice to the counterparty is available.
Kabar News Agency
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