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The Heavily Indebted Poor Countries (HIPC) Initiative, launched in 1999 by the IMF and the World Bank, was the first coordinated effort by the international financial community to reduce the foreign debt of the world’s poorest countries. It was based on the theory that economic growth in heavily indebted poor countries was being stifled by heavy debt burdens, making it virtually impossible for these countries to escape poverty. However, most of the empirical research on the effects of debt on growth has lumped together a diverse group of countries, and the literature on the countries’ impact of debt on poor is scant. This pamphlet presents the findings of the authors’ empirical research into the subject, analyzing the channels through which debt affects growth in low-income countries.

Exports and Imports --- Financial Risk Management --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Public finance & taxation --- International economics --- Finance --- Public investment spending --- External debt --- Debt service --- Debt relief --- Public debt --- Public investments --- Debts, External --- Debts, Public --- Lao People's Democratic Republic

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Recovery is gaining strength, while inflation has been declining and the tenge has continued to float. Export growth—driven by oil, metals, and mining—has reduced the current account deficit. State support to banks led to a higher fiscal deficit in 2017, although there was underlying adjustment. The 2018 budget foresees further adjustment and ambitious spending reforms. Consolidation is set to continue over the medium term to rebuild buffers. The authorities have taken major steps to secure financial sector stability, but actions have been costly financially and risks remain. More work is needed, especially to overhaul bank business models and address gaps in supervision. Progress is being made on flagship structural reforms (business climate, governance), although, in practice, the measures taken have yet to prove their effectiveness in full. Efforts should continue to support greater productivity, inclusivity, connectivity, and diversification. Risks relate to oil prices and slower growth in key trading partners (Russia, China, EU).

Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Fiscal Policy --- International Lending and Debt Problems --- Energy: Demand and Supply --- Prices --- Taxation, Subsidies, and Revenue: General --- Banking --- International economics --- Public finance & taxation --- Econometrics & economic statistics --- Fiscal stance --- External debt --- Oil prices --- Revenue administration --- Banks and banking --- Fiscal policy --- Debts, External --- Revenue --- Kazakhstan, Republic of

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This Guide provides clear, up-to-date guidance on the concepts, definitions, and classifications of the gross external debt of the public and private sectors, and on the sources, compilation techniques, and analytical uses of these data. The Guide supersedes the previous international guidance on external debt statistics available in External Debt: Definition, Statistical Coverage, and Methodology (known as the Gray Book), 1988. The Guide’s conceptual framework derives from the System of National Accounts 1993 and the fifth edition of the IMF’s Balance of Payments Manual (1993). Preparation of the Guide was undertaken by an Inter-Agency Task Force on Finance Statistics, chaired by the IMF and involving representatives from the Bank for International Settlements, the Commonwealth Secretariat, the European Central Bank, Eurostat, the OECD, the Paris Club Secretariat, UNCTAD, and the World Bank.

Exports and Imports --- Investments: General --- Investments: Derivatives --- Money and Monetary Policy --- Industries: Financial Services --- International Lending and Debt Problems --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Debt --- Debt Management --- Sovereign Debt --- International economics --- Finance --- Investment & securities --- Monetary economics --- Econometrics & economic statistics --- External debt --- Securities --- Financial derivatives --- Loans --- Currencies --- Debts, External --- Financial instruments --- Derivative securities --- Money --- United States

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The economy is growing steadily, benefiting from a benign regional environment, particularly in Russia, the source of most remittances and non-gold export receipts. Low inflation, lower fiscal deficits, and a stable banking sector point to the success of stabilization policies implemented by the government and National Bank of the Kyrgyz Republic (NBKR, the central bank) under eight successive Fund-supported programs. However, the economy remains vulnerable to external shocks because of the high level of remittances (29 percent of GDP), the concentration of exports on gold (37 percent of exports of goods), the level and composition of the public debt (56 percent of GDP, 4/5 of which is denominated in foreign currency), and the level of the current account deficit (8.7 percent of GDP). In addition, economic growth has been insufficient to significantly raise living standards and continue to reduce poverty.

Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- National Budget --- Budget Systems --- International economics --- Public finance & taxation --- Banking --- Finance --- Monetary economics --- Public debt --- External debt --- Public and publicly-guaranteed external debt --- Loans --- Debts, Public --- Debts, External --- Banks and banking --- Money supply --- Kyrgyz Republic

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Given its bulging working-age population, creating more and better jobs is the country’s overarching priority. Uzbekistan has already implemented a first wave of important economic reforms, including foreign exchange liberalization, tax reform, and a major upgrade in statistics. Faced with a vast structural reform agenda, the authorities want to prioritize reforms that address the economy’s most damaging distortions first. The main short-term macroeconomic stability challenge is to prevent a credit boom that could generate excessive external deficits and aggravate inflation pressures.

Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Statistics --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- International economics --- Public finance & taxation --- Currency --- Foreign exchange --- Monetary economics --- Econometrics & economic statistics --- External debt --- Public debt --- Credit --- Expenditure --- Debts, External --- Debts, Public --- Expenditures, Public --- Uzbekistan, Republic of