The Kyrgyz Ministry of Finance has published a forecast of total revenues for the next five years, which shows that the country’s state revenues will increase to 655 billion KGS (7.8 billion dollars) by 2029.

At the end of 2024, Kyrgyzstan’s state budget surplus will amount to KGS 11.2 billion (US$131.7 million), while revenues this year amounted to KGS 414 billion (US$4.8 billion).

As TCA previously reported, the introduction of cash registers and crime reduction measures had an impact on growth.

Cabinet Chief Akylbek Zhaparov mentioned another factor: “In tax policy, we rely on modern technologies. Taxpayers are happy with these changes. They no longer have to wait in queues, but can quickly submit reports and receive the necessary documents online.”

He also praised the promotion of domestic and foreign investment and the development of the Kyrgyz industrial sector, which promote the republic’s economic growth and thus state revenues: “Since the beginning of 2024, 29 enterprises have been put into operation. Major projects are being implemented, such as the construction of the Kambarata hydroelectric power station and the China-Kyrgyzstan-Uzbekistan railway line. There are plans to develop the tourism sector.”

The Kyrgyz Ministry of Finance said in a report that the annual growth of state budget revenues will generate a surplus to be used to repay the national debt. Currently, the state budget is expected to receive 414.5 billion KGS ($4.8 billion) in 2024, 465 billion KGS ($5.4 billion) in 2025, 505 billion KGS ($5.9 billion) in 2026 and 655 billion KGS ($7.7 billion) in 2029.

In a statement to TCA, the Finance Minister said: “In the medium term, high expenditure is planned to repay the public debt. The planned budget surplus will be used for expenditure related to economically oriented activities and to cover the public debt.”