The RKDF called for the banking sector to be aligned with development goals for 2030

A business breakfast is being held in Bishkek on the role of the financial sector in implementing the Kyrgyz Republic's National Development Program for 2030. The event was organized by the Russian-Kyrgyz Development Fund.

Opening the meeting, the fund's chairman, Artem Novikov, said that the country's economy is showing accelerated growth rates.

“We can all see how rapidly the country is developing. The average annual economic growth rate is 10.5%. Last year, economic growth reached 11.1%. According to the IMF, this allowed the Kyrgyz Republic to enter the top three countries in the world in terms of real economic growth rates”, — he said.

According to him, the current dynamics are based on the state's economic policy and the adopted National Development Program until 2030, which defines the key priorities: industrialization, development of tourism, renewable energy sources, as well as expanding access to financial resources.

“It is extremely important for us to synchronize the efforts of the banking sector, development funds, and state institutions with the economic policy that has been defined for the next five years. We must ensure that the targets set by the program are achieved”, — Novikov emphasized.

Among the benchmarks, he mentioned ensuring an average annual growth rate of at least 8%, bringing GDP to $30 billion by 2030, and increasing investment in fixed capital, primarily in industry, to at least 50% of total investment.

The head of the fund also called on participants to engage in frank professional dialogue.

“Let's discuss not only plans and prospects, but also the problems that exist today and prevent us from securing the necessary funding. It is important for us to develop coordinated solutions”, —  he said.

The event will include discussions on regulatory policy, the transformation of the banking model, and long-term financing instruments for the real sector.