Kyrgyz Republic - Country assistance strategy progress report
Gill, Kirrin
This Country Assistance Strategy (CAS) progress report, builds on the FY99-01 CAS, and shows the achievements of the two-year growth, following five years of economic decline, as well as the important steps taken to advance its transition to a market economy. Experience in implementing the CAS demonstrates that despite constraints, the program was implemented largely as planned, with seven out of nine planned operations approved, or under preparation, while the introduction of the Comprehensive Development Framework, and Poverty Reduction Strategy Paper processes, resulted in enhanced collaboration on sectoral, and inter-sectoral issues, despite counterpart funding difficulties which somehow deteriorated portfolio performance. In the sociopolitical arena, the CAS period proved a difficult time: the country was hit by regional and financial crises, an armed insurgency, floods and an environmental emergency, which by end-December 2000, absorbed policymaker's attention to the management of economic shocks, and regional uncertainties. The region's economic downturn of 1999 continued to exert a downward pressure on the Kyrgyz economy, though policy measures yielded payoffs in 2000 and 2001; but, demand for Kyrgyz exports remains weak, and volatile, debt indicators worsened, placing the economy in a precarious situation, i.e., at the borderline of highly indebted poor countries eligibility. Options are being explored in addressing external debt, poverty and development issues, in spite of heightened regional tensions, and risks in an already exacerbated difficult country circumstances.
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