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Finance Ministry discusses the draft national budget for 2020

September 6, 2019

On September 6, IBC representatives took part in public hearings on the draft national budget for 2020 and the forecast for 2021-2022.

The hearings were organized by the Ministry of Finance of the Kyrgyz Republic in order to implement article 127 of the Budget Code of the Kyrgyz Republic providing to hold public budget hearings to ensure budget transparency, create conditions for citizens to participate in the budget process, study public opinion and receive proposals and recommendations.

Representatives of state bodies, business associations and non-governmental organizations, independent experts and the media attended the hearings.

Specialists of the Ministry of Economy of the Kyrgyz Republic reported on the results of the socio-economic development of the Kyrgyz Republic for the first half of 2019 and the tasks for the coming year. They also answered questions from entrepreneurs, in particular, about reserves related to the shadow economy. According to the National Statistics Committee, the turnover of the unobserved economy is 24% of GDP.

The main purpose of the event is to ensure transparency of the budget process as one of the priority areas in the framework of reforming the public finance management system.

Holding public budget hearings and a joint discussion of the proposed budget will increase the efficiency of public participation in the budget process and contribute to improving the quality of the document, optimizing and increasing the efficiency of budget funds.