World Bank2013-08-212013-08-212000-06https://hdl.handle.net/10986/15268The study reviews the macroeconomic developments in the Kyrgyz Republic following the collapse of the Soviet Union, when adjustments were required since output fell by fifty percent between 1991-95, resulting in adverse fiscal consequences, which triggered losses in tax revenues, along with the implicit end of energy subsidies. Part I examines the fiscal, and debt sustainability, proposing a three-fold strategy : efforts for an urgent renewal, are needed to consolidate macroeconomic stability, fundamentally, a significant fiscal adjustment is required; debt relief should be considered, given the large burden, and the need to preserve social expenditures; and, decisive structural reforms are necessary to underpin fiscal adjustment, and increase the efficiency of resource uses. Part II examine these structural issues, particularly the tax system, and the role of the state in infrastructure, and utilities, focusing on accelerating the transformation of public infrastructure, and utility companies, and, improve taxation. The report analyzes this transformation, emphasizing a transparent, and targeted system in the provision of basic services to the poor, through reform policies, and the inclusion of the private sector, critical to reflect cost-effectiveness, and adapt to the requirements of a market economy.en-USCC BY 3.0 IGOFISCAL SUSTAINABILITYMACROECONOMIC PLANNINGMACROECONOMIC SHOCKSOUTPUTSFISCAL ADJUSTMENTSTAX REVENUESTAX SYSTEMSENERGY SUBSIDIESDEBT SUSTAINABILTYMACROECONOMIC STABILIZATIONDEBT RELIEFSOCIAL IMPLICATIONSSTRUCTURAL REFORMSRESOURCE PLANNINGPUBLIC INFRASTRUCTUREPUBLIC UTILITY REGULATIONBASIC SERVICESPOVERTY REDUCTIONPRIVATE SECTOR DEVELOPMENTMARKET ECONOMYREFORM POLICY ACCOUNTABILITYACCOUNTINGADBADMINISTRATIVE COSTSADVERSE CONSEQUENCESAFFILIATESAGRICULTUREAUTONOMYBARRIERS TO ENTRYBENEFIT CHARGESBORROWINGBUDGETARY SUPPORTCIVIL SERVICECOALCOMMERCIAL BANKSCOMMERCIAL DEBTCOMPETITIVENESSCONSUMERSCONSUMPTION LEVELSCREDITORSDEBTDEBT BURDENDEBT INTERESTDEBT OBLIGATIONSDEBT OUTSTANDINGDEBT PROFILEDEBT REDUCTIONDEBT RELIEFDEBT RESCHEDULINGDEBT RESOLUTIONDEBT SERVICEDEBT SERVICE BURDENDEBT SUSTAINABILITYDEBTSDEFICIT REDUCTIONDEVELOPMENT ASSISTANCEDISTORTED INCENTIVESECONOMIC GROWTHELECTRICITYEVASIONEXCHANGE RATEEXCHANGE RATESEXCISE TAXESEXPENDITURESEXPORTSEXTERNAL DEBTEXTERNAL DEBT INDICATORSFINANCIAL CRISISFINANCIAL MANAGEMENTFINANCIAL SECTORFISCAL DEFICITSFISCAL YEARFOREIGN BORROWINGFOREIGN DEBTFUELSGDPGOVERNMENT BUDGET CONSTRAINTSGOVERNMENT EXPENDITURESGROSS DOMESTIC PRODUCTGROWTH RATEHOUSINGIMPORTSINCOMEINCOME TAXINEFFICIENCYINFLATIONINFLATION RATESINTEREST RATELABOR PRODUCTIVITYLAND TAXESLEGISLATIONLIQUIDITYLOCAL TAXESLOW TARIFFSMACROECONOMIC STABILITYMONETARY POLICYOPECOPERATING COSTSPAYMENT ARREARSPRESENT VALUEPRESENT VALUE OF DEBTPRICE INCREASESPRICE SUBSIDIESPRIVATE CONSUMPTIONPRIVATE SECTORPRIVATE SECTOR PARTICIPATIONPRIVATIZATIONPRODUCERSPROFITABILITYPROVISIONSPUBLIC INFRASTRUCTUREPUBLIC INVESTMENTPUBLIC SECTORPUBLIC UTILITIESREAL GDPREAL INTEREST RATERELATIVE VALUERESOURCE USEREVENUE SOURCESSAVINGSSERVICE CAPACITYSTATE PROPERTYSTRUCTURAL ADJUSTMENTT-BILLSTAXTAX CREDITSTAX EFFORTSTAX EXEMPTIONSTAX RATESTAX REFORMTAX REFORMSTAX REVENUESTAXATIONTAXPAYERSTELECOMMUNICATIONSTRANSPARENCYTRANSPORTTURNOVER TAXESUNEMPLOYMENTUTILITIESVALUE ADDEDVALUE ADDED TAXVOTERSWORLD TRADE ORGANIZATIONWTOWorld Bank10.1596/15268