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RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC AND NATIONAL BANK OF THE KYRGYZ REPUBLIC

of April 26, 2022 No. 229/8-1

About the Joint statement of the Cabinet of Ministers of the Kyrgyz Republic and National Bank of the Kyrgyz Republic on the main directions of economic policy for 2022

For the purpose of determination and realization of the main directions of economic policy for 2022, according to articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic", Articles 17, "About National Bank of the Kyrgyz Republic, banks and banking activity" the Cabinet of Ministers of the Kyrgyz Republic and National Bank of the Kyrgyz Republic decide 46 Laws of the Kyrgyz Republic:

1. Approve the Joint statement of the Cabinet of Ministers of the Kyrgyz Republic and National Bank of the Kyrgyz Republic on the main directions of economic policy for 2022 according to appendix.

2. This resolution becomes effective after seven days from the date of official publication.

Chairman of the Cabinet of Ministers of the Kyrgyz Republic

A. Zhaparov

Chairman of National Bank of the Kyrgyz Republic

K. Bokontayev

Appendix

The joint statement of the Cabinet of Ministers of the Kyrgyz Republic and National Bank of the Kyrgyz Republic on the main directions of economic policy for 2022

In 2021 economic revival began, however level of business in many countries still did not reach dopandemiyny. In general, action of rationing arrangements in connection with distribution of new strains of COVID-19 and slower process of vaccination of the population, than was expected earlier, continued to render the constraining effect on growth of world economy for all 2021. The remaining restrictions in global logistics chains together with consequences of the stimulating measures directed to minimization of consequences of pandemic caused high inflation background worldwide.

In these conditions the Cabinet of Ministers of the Kyrgyz Republic (further - the Cabinet of Ministers) and National Bank of the Kyrgyz Republic (further - National Bank) took number of measures for the purpose of minimization of negative consequences for the population and economy in general.

In 2021 the economy of Kyrgyzstan planned tendency to recovery - rates of economic growth in 2021 reached % 3,6, GDP surplus without the companies for mining Kumtor constituted % 3,9. At the same time recovery process in economy of Kyrgyzstan is heterogeneous - growth of economy is provided, generally with the sector of the industry and service industry.

The main positive contribution to GDP growth is provided with service industry (2,99 of items) where the real surplus constituted % 6,5, and the industry, without the companies for mining Kumtor where the real surplus constituted % 12,9 (contribution to growth of 1,3 of items).

Restraining factors in development of the country were output gap in agricultural industry on 5, % and construction - on % 4,8. Decrease in production volumes of agricultural products, is generally caused by difficult climatic conditions for agricultural production. Abnormally high temperature in the summer of 2021 and shortage of irrigation water during the vegetative period caused reducing productivity of grain crops. Recession of amounts of construction is connected with decrease in investments into fixed capital on % 5,9 because of reduction of sources of financing as at the expense of internal (on % 4,9), and at the expense of external (on % 10,0) that led to incomplete development of the planned volumes of investment.

The consumer price index characterizing the rate of inflation constituted % 111,2 (by December of previous year). The high rate of inflation developed, generally because of influence of factors of external nature is universal increase in prices for the food products, fuel and adverse climatic conditions which caused essential decrease in production of agricultural products.

In 2021 active work on improvement of tax administration and implementation of digital technologies was carried out to tax and customs procedures. For 2021 the amount of the tax income made 151, 2 billion som, at the same time the planned target is exceeded on % 13,9. In comparison with 2020 the tax income grew on 44, 3 billion som, or by % 41,4.

Central government budget deficit for 2021 made % 0,2 to GDP. As of December 31, 2021, the level of public debt to GDP constituted % 60,3.

Main goal of activities of the Cabinet of Ministers and National Bank for 2022 is ensuring macroeconomic stability, including measures for control of growth of level of consumer prices.

The main objective of the Cabinet of Ministers and National Bank is prevention and minimization of influence of crisis manifestations by means of acceptance of effective measures.

The Cabinet of Ministers accepts the five-year actions plan on implementation of the National development program of the Kyrgyz Republic till 2026 (the resolution of the Cabinet of Ministers of December 25, 2021 No. 352) including structural changes in economy, implementation of large investment projects, cooperation communications, the arising new business models with use of digital technologies, etc.

The disaggregated Action plan of the Cabinet of Ministers for 2022 aimed at providing economic growth, financial stability of the country, and also at carrying out package of measures for creating favorable conditions for conducting economic activity, increase in revenues of the budget by further improvement of tax administration and fiskalization of tax and customs procedures, ensuring price stability, stability of life support systems, accomplishment of all social obligations and achievement of strategic reference points and priorities is developed for implementation of the five-year plan.

These actions in general will allow to provide recovery of dopandemiyny level of economic growth in 2022, and also to improve quality of life and to raise population welfare.

In 2022 the packet accepted by the Cabinet of Ministers and National Bank of measures of economic policy is directed to achievement of three priority tasks:

1) development of strategic industries of economy of Kyrgyzstan, creation of new workplaces and conditions for full realization of economic capacity of the country, transition to complex development of the territories and improvement of budget tax policy;

2) ensuring price stability by means of carrying out the corresponding monetary policy;

3) carrying out effective social policy.

1. Development of strategic industries of economy, creation of new workplaces and conditions for full realization of economic capacity of the country, transition to complex development of the territories and improvement of budget tax policy

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