The EFSD emphasized that the revenues from the profits of the National Bank of Kyrgyzstan for 2024 amounted to 45.7 billion soms (equivalent to 3.7% of GDP), contributing to the growth of non-tax revenues to 10.8% of GDP from January to September 2025, compared to 7.1% of GDP in the previous year.
As for tax revenues, their growth was 1.4%, reaching 23.1% of GDP, while transfers slightly decreased by 0.1%, amounting to 0.7% of GDP. As a result, the total revenue increased to 34.6% of GDP," the analysts noted.
Thus, due to a smaller increase in expenditures (+2.3%), the budget surplus amounted to 6.9% of GDP, which is significantly higher than last year's figure of 4.2% of GDP. At the same time, a significant portion of the surplus is directed towards financing "below the line" expenditures, including the recapitalization of state companies and financial institutions in the energy, banking, and construction sectors, as clarified by the EFSD.
Earlier, the Prime Minister of Kyrgyzstan, Adylbek Kasymaliev, reported that by the end of 2025, the budget surplus would exceed 10 billion soms.
Photo on the main page: Paul Yeung / Bloomberg.
