Month: April 2014

Get rich – but think of the poor: Asian Development Bank on Kyrgyzstan

Being the fastest-growing economy in the Commonwealth of Independent States (CIS) which unites most former Soviet republics, Kyrgyzstan remains on the right track where it comes to keeping up the balance between public spending, maintaining national income and sustaining national productivity. These are the main observations made in the latest report on the state of the country’s economy by the Asian Development Bank (ADB). Social inequality, though, remains a pitfall. “GDP rebounded by 10.5 per cent during 2013, driven mostly by a recovery in gold production that outpaced expectations,” the ADB report reads. “All sectors except agriculture showed robust...

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Kumtor: Kyrgyzstan’s golden compromise

It has often been dubbed a test case of Kyrgyzstan’s credibility towards foreign investors on one side and towards its population to reassure that those investors will be prevented to abuse the country’s position. The Kumtor gold mine in the northeast of the country, though, remains a source of income for Kyrgyzstan that is hard to overlook. A compromise reached late last year is expected to be consolidated under the new cabinet which advocates a realistic policy. In late December last year, with a convincing majority consisting of members of the ruling coalition (though not all of them) and...

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The spring 2010 “Blue” Revolution: an autopsy

In the heart of Bishkek one can see a monument symbolising the dead who fell in spring 2010 and gave their lives to allow Kyrgyzstan to leave the dark age and enter a more enlightened one. Dubbed after the colour of the banners carried along by those who marched on the Government House, also known as the “White House” in the heart of Bishkek which is home to both the government and the Houses of Parliament, the overthrow of the regime under Kurmanbek Bakiyev and family has been of a much more permanent character than initially believed.  Indeed, the...

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Banks: BTA to merge into KazKom, consolidating its position in Kyrgyzstan

Towards the end of the current year, the BTA brand will have disappeared from the streets of Bishkek. The once-powerful Kazakh bank has remained on the brink of collapse ever since it was bailed out by the Kazakh government back in early 2009 following a multi-billion fraud carried out by its one-time management under its chief and major shareholder Mukhtar Ablyazov, now under arrest in France pending his extradition to the Russian Federation. Last December, the Kazakh National Wealth Fund Samruk Kazyna which manages state assets sold BTA to a group of private investors led by its rival Kazkommertsbank...

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