Fiscal Surplus Widening

October 2007 | Ratings Update

The Kyrgyz government's budget surplus widened to KGS1.4bn in August, with central government revenues jumping by 34% y-o-y, to KGS20.3bn during the first eight months of 2007. Although government revenues remain buoyed by value added tax (VAT), accounting for 37% of revenues, and annual rent of US$17.4mn from the Manas US military base, we are currently forecasting a budget deficit of KGS300mn by year-end 2007.

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