World Bank2023-04-102023-04-102023-04-10https://openknowledge.worldbank.org/handle/10986/39656The Kyrgyz Republic is a small, open, and lower-middle-income country. Throughout the past two decades, the Kyrgyz authorities have substantially improved the country’s fiscal stance to maintain macroeconomic stability. Notwithstanding past progress, the fiscal system of the Kyrgyz Republic faces several structural and operational inefficiencies which diminish its capacity to support growth and absorb shocks. The objectives of this report are to (i) assess the government’s current practice of managing fiscal risks based on the Information on Fiscal Risks (IFR) produced by the Ministry of Finance (MoF) in 2021; and (ii) to provide a recommendation to counterparts from the MoF, Ministry of Economy and Commerce (MoEC), and State Property Management Fund (SPMF), and to other relevant stakeholders to improve fiscal risk management practices. The current report adds analytical knowledge to the fiscal system of the Kyrgyz Republic by reviewing the existing legal, institutional, and methodological frameworks used by the government in producing Information on fiscal risks. The report's main conclusion is that while the fiscal system of the Kyrgyz Republic is exposed to high risk, the country remains at an early stage of institutionalizing fiscal risk managementen-USCC BY-NC 3.0 IGOWorking PaperWorld Bank10.1596/39656