The EFSD clarified that the profit transfer from the National Bank of Kyrgyzstan to the republican budget for 2024, amounting to 45.7 billion soms (which constitutes 3.7% of GDP), contributed to the growth of non-tax revenues to 10.8% of GDP during the period from January to September 2025, compared to 7.1% of GDP for the same period the previous year.
At the same time, tax revenues increased by 1.4%, reaching 23.1% of GDP, while transfers decreased by 0.1%, amounting to 0.7% of GDP. The total revenue increased to 34.6% of GDP, as analysts added.
Thus, taking into account the slight increase in expenditures (+2.3%), the budget surplus amounted to 6.9% of GDP, which significantly exceeds last year's results (4.2% of GDP). Most of this surplus was directed towards financing "below-the-line" expenditures, including the recapitalization of state enterprises and financial institutions in sectors such as energy, banking, and construction, noted the EFSD.
Earlier, the Prime Minister of Kyrgyzstan, Adylbek Kasymaliev, predicted that by the end of 2025, the budget surplus would exceed 10 billion soms.
Photo on the main page: Paul Yeung / Bloomberg.
