According to the EFSD, the transfer of profits from the National Bank of the Kyrgyz Republic amounting to 45.7 billion soms (which is 3.7% of GDP) in 2024 contributed to an increase in non-tax revenues to 10.8% of GDP from January to September 2025, while last year this figure was 7.1% of GDP.
Tax revenues increased by 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 volume grew to 34.6% of GDP," the analysts clarified.
The budget surplus, which reached 6.9% of GDP, was formed against the backdrop of moderate expenditure growth (+2.3%). This significantly exceeds the level of the previous year, which was 4.2% of GDP. A significant portion of the surplus is directed towards financing expenditures in sectors such as energy, banking, and construction, particularly for the recapitalization of state enterprises and financial institutions, as explained by the EFSD.
Earlier, the Prime Minister of Kyrgyzstan, Adylbek Kasymaliev, stated that by the end of 2025, the budget surplus would exceed 10 billion soms.
Photo on the main page: Paul Yeung / Bloomberg.
