Bishkek, May 14, 2020. /Kabar/. At a session of the Jogorku Kenesh (Kyrgyz Parliament) on May 14, deputies considered a draft law "On Amendments to the Law of the Kyrgyz Republic on the Republican Budget for 2020 and the Forecast for 2021-2022", initiated by the Government.
Three reporters presented information on the draft law: Minister of Economy Sanjar Mukanbetov, Minister of Finance Baktygul Jeenbayeva and Deputy Prime Minister Erkin Asrandiyev.
Economy Minister Mukanbetov focused on main parameters of Kyrgyz economy, noting that the situation with quarantine measures followed coronavirus pandemic led to the decline of economic activity all over the world. He added that according to various estimates, the growth rate of the world economy in 2020 will decrease from 3 to 10% and trade turnover from 10% to 32%.
"According to the IMF forecast, economic slowdown will also be observed in the Eurasian Economic Union (EAEU) countries: in Russia GDP decline will make 5.5%, in Belarus - 6%, in Armenia - 1.5%, in Kazakhstan - 2.5%," Mukanbetov said, noting that the economic slowdown in the partner countries will inevitably affect Kyrgyzstan as well - capital outflow and reduction of remittances by 20% are expected.
In turn, Finance Minister Baktygul Jeenbayeva stressed that total revenues of the republican budget in 2020 are expected to make KGS 132.9 billion, or 22.8% of GDP. Thus, revenues against the approved budget for 2020 will decrease by KGS 30.8 billion, or 18.8%.
"The total volume of the republican budget expenditures for 2020 is determined at KGS 161.3 billion, or 27.7% of GDP, which is KGS 10.3 billion less than the approved budget for 2020. The deficit will be KGS 28.4 billion", Jeenbayeva said.
Deputy PM Erkin Asrandiyev spoke about the implementation of the first and second Anti-Crisis Plans of the Government and in general about measures taken to support entrepreneurs and resumption of economic activity.
He underlined one of the main tasks in the second package of measures is the creation of anti-crisis fund, due to which the program of preferential crediting of business entities will be implemented. "There is also a component that involves the microfinance of self-employed people," concluded Asrandiyev.
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