IMF-吉尔吉斯斯坦共和国：2025年第四条磋商新闻稿；员工报告（英）

© 2025 International Monetary Fund IMF Country Report No. 25/118 KYRGYZ REPUBLIC 2025 ARTICLE IV CONSULTATION—PRESS RELEASE; AND STAFF REPORT Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of the 2025 Article IV consultation with the Kyrgyz Republic, the following documents have been released and are included in this package: •A Press Release.•The Staff Report prepared by a staff team of the IMF for the Executive Board’sconsideration on consideration on lapse-of-time basis following discussions thatended on March 26, 2025, with the officials of the Kyrgyz Republic on economicdevelopments and policies. Based on information available at the time of thesediscussions, the staff report was completed on May 8, 2025.•An Informational Annex prepared by the IMF staff.•A Debt Sustainability Analysis prepared by the staffs of the IMF and the IDA.The documents listed below will be separately released. Selected Issues The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.orgInternational Monetary Fund Washington, D.C. June 2025 PR25/176 IMF Executive Board Concludes 2025 Article IV Consultation with Kyrgyz Republic FOR IMMEDIATE RELEASE • The Kyrgyz Republic has shown strong economic performance despite global uncertainties with robust growth, stabilizing inflation, and declining public debt. • Growth is expected to gradually moderate as external trade normalizes and domestic demand slows, while inflation remains stable with continued prudent monetary policy. • Sustaining macroeconomic stability and strengthening inclusive growth will require rebuilding policy buffers, enhancing fiscal sustainability, safeguarding monetary policy independence, and advancing structural reforms to boost productivity. Washington, DC – June 4, 2025: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for the Kyrgyz Republic on a lapse of time basis on May 22, 2025.1 The Kyrgyz Republic has performed remarkably well amid a highly uncertain external environment. The economy grew by 9 percent annually since 2022, headline inflation has returned to the central bank’s target range, and public debt declined to 36.6 percent of GDP in 2024. Looking ahead, growth is projected to moderate to 6.8 percent in 2025 and converge to about 5¼ percent in the medium term as re-export trade moderates and domestic demand eases. Inflation is expected to remain broadly stable under the assumption of prudent monetary policy. The large-scale public investments would widen the overall