Macroeconomic Forecast Kyrgyzstan

Despite worries over the size of Kyrgyzstan's external debt, the country's credit fundamentals are improving. Debt as a percentage of GDP is declining, and foreign exchange reserves are on the rise. We forecast that official forex holdings ex-gold will reach US$0.93bn by the end of 2007, and top US$1bn for the first time in 2008. By the end of our forecast period in 2011, reserves are expected to reach US$1.36bn. The result of this will be import cover remaining very

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