Government of Kyrgyzstan hopes to improve state of country’s economy

The real GDP growth made - 0.5 percent for the 9 month span of time which was mostly because of the events that took place in the beginning of summer. In 2009 the figure for the same period of time amounted to 1.2 because of the global financial crisis.

The inflation rate at the end-September was 10.25 percent. The main factor that influenced the market was the prices rise for bread and flour conditioned by the unfavorable world trends at the grain market due to the drought in Russia and the ban on grain export from Russia.

The weighted average interest rates on newly issued loans remained to be high and made 23.49 percent in national currency and 20.06 in USD.

In 2010 from January to August the trade turnover made USD 2.87 bln and rose to USD 230.3 mln.

Import amounted to USD 1.9 bln and it rose by 3.48 percent in comparison with the same period of the previous year. Fuel and products of the kind became the main part of import that made 29 percent of the whole amount. The volume of export increased by 20.94 percent and made USD 957 mln.

Despite the influence of the above mentioned negative factors there has been a rise in average monthly salary that amounted to SOM 6720 and rose by 9.3 percent. The rise in average monthly salary mostly hawas caused by its rise in public administration sector. In particular, in May and June defense and law enforcement agencies, members of the Ministry of Defense and national security had a raise. Living wage made SOM 3433.85 a month.

'In whole it was a good start to make the situation regarding the economy of the country better', A. Muraliev noted.

Talking about the issues on development of the economy of the country the First Vice Minister reminded of the necessity to use available resources. In particular, there are opportunities for using those plants that are not functioning at the moment and those that are capable of producing more. For instance, Tash Kumyrsky silicon plant, Tokmaksky brick plant, etc.

The Heads of the Ministries and departments expressed their opinions on improving the situation in the economy of the country at the meeting.

Chairman of the Civil Service regulation and supervision of financial markets under the Government of Kyrgyzstan Nurbek Elebaev proposed some methods on developing system of corporate governance at the nationalized enterprises as well as developing system of control and regulation of companies of national importance. In order to revive the financial sector he proposed to restore the practice of corporate securities and the placement of government and municipal securities. According to him the funded pension system should be developed and all necessary conditions for it must be created.

Summing up the results of the meeting A. Muraliev charged the Heads of Ministries and departments to fully monitor and control the situation regarding any improvements of the economy of the country.

'You do not have to wait for any instructions and propose what we should do for turning the situation into positive', the First Vice Minister added.