Seminars in Regions.
On January 21-22, 2020, the Chairman of the Management Board of OJSC “Guarantee Fund”, Malik Abakirov, the Head of the Guarantee and Product Development Department of OJSC “Guarantee Fund”, Erik Talasbaev, were on a business trip to the Issyk-Kul region, where they met with local farmers. During the trip, they were accompanied by the regional representative of OJSC “Guarantee Fund”, Kubanychbek Nasirov.
On January 21, the first day of their stay in the region, representatives of OJSC “Guarantee Fund” visited the villages of Darkhan and Svetlaya Polyana of Jeti-Oguz region, where they met and talked with borrowers of the World Bank project “Integrated Diary Productivity Improvement”. As it is known, OJSC “Guarantee Fund” within the framework of the project is engaged in household surveys and registration of loans to local residents.
The villagers noted the need and importance of support in the form of loans from the World Bank, the Ministry of Finance and OJSC “Guarantee Fund”, due to which they can purchase dairy cattle, jointly arrange the supply of milk, and ensure quality and volumes.
The next day, January 22, in the building of The Plenipotentiary Office of the Government of the Kyrgyz Republic, a seminar was held for livestock breeders, owners of farms in Issykk-Kul region. The seminar was attended by the head of the regional development department of the Government Representation, Asylbek Akhmedsharipov. A total of 35 livestock farmers attended the meeting.
The seminar was conducted by the Chairman of the Management Board of OJSC “Guarantee Fund” Malik Abakirov. He presented the program of “Intensive Sheep Husbandry Development in the Kyrgyz Republic”, discussed in detail and clarity about the unique work experience of farmer Aralbek Abdyrasulov from the suburbs of Bishkek, who managed to organize the feeding of sheep in amount of 500 animals in a small area of 15 acres.
The participants expressed great interest in this progressive method of intensive fattening of sheep, which uses extruded feed, and which does not need large pastures.
Then, a short conversation took place on the exchange of experience in conducting intensive sheep breeding, obtaining advice and guarantee support from OJSC “Guarantee Fund”. Many of those who participated expressed a desire to cooperate with the fund.
At the end of the meeting, a farmer from Ak-Suu district, Maratt Zhusupov, cordially expressed gratitude to Mr. Abakirov for the previously provided guarantee assistance to his breeding farm, and also on behalf of all those who were present expressed his sincere gratitude for the useful and necessary information on intensive animal breeding.
By the end of 2019, the Gross International Reserves of Kyrgyzstan reached 2 billion 424.11 million USD, the NBKR reports.
This is the highest figure since 2002, when the National Bank first began to publish data on the level of reserves. Over the year, reserves increased by 268.65 million USD.
The National Bank uses reserves to smooth out sharp fluctuations in the foreign exchange market.
In order to increase public awareness of Islamic principles of financing, the National Bank has prepared brochure “Islamic Banking in Q&A”, the NBKR reports.
The brochure will allow the reader to learn about the features of Islamic banking, as well as about the main types of operations offered in accordance with Islamic principles of financing, and the rules for their implementation.
The brochure will be available at commercial banks and microfinance organizations operating on Islamic financing principles, and at the Islamic University of Kyrgyzstan.
The electronic version of the brochure can be found on Finsabat website finsabat.kg.
OJSC “Guarantee Fund” provides guarantees for priority sectors of the economy, including in the framework of state programs of preferential financing “Financing of agriculture”, “Financing of export-oriented and import-substituting enterprises”, and others. For instance, in the Agriculture Financing program in 2018-2019, 132 entrepreneurs received a guarantee support in total of 189 million KGS.
Participating in such programs, OJSC “Guarantee Fund” pays great attention to regional entrepreneurs involved in the production and processing of agricultural products. Agriculture, as you know, is one of the main sectors of the economy of the republic and provides jobs for 50% of the working population. In addition, it should be borne in mind that more than 60% of Kyrgyzstanis live in rural areas.
By regions, the largest number of guarantees of OJSC “Guarantee Fund” in 2018-2019 provided to entrepreneurs of Naryn region – 40. Then come Chui – 36, Osh region – 16 guarantees and then in descending order. In monetary terms, more guarantees were issued in Chui region – 78 million KGS, Osh – 33, Jalal-Abad – 30 million KGS, etc.
As for the amount of loans received under the guarantees of OJSC “Guarantee Fund”, the largest amount is for 2018-2019 marked in Chui region – 257 million KGS, followed by Osh – 104, Jalal-Abad – 69, Talas – 57 million KGS, etc.
The largest number of loans under guarantees for the specified period was issued by Aiyl Bank – 83 (the amount of guarantees – 11 million, the amount of loans -359 million), the second place was taken by “RSK Bank” – 33 (the amount of guarantees – 59, the amount of loans -161 million KGS).
Credits under guarantees OJSC “Guarantee Fund” under the Agriculture Financing program were also issued by the banks “Bakai Bank”, “KICB”, CB “Kyrgyzstan”, “Halyk Bank”.
Note that, taking into account the low cost of real estate in the regions of the country, the guarantees of OJSC “Guarantees of OJSC “Guarantee Fund” allow farmers to attract more resources for the development of their business, becoming a catalyst for its growth.
Two-thirds of companies will completely switch to electronic employment history at the end of 2020, according to the results of the “rabota.ru”.
66% of respondents noted that the final transition to electronic employment history in their company will occur only in the IV quarter of 2020. 16% of employers will complete the process in the first quarter, 10 in the second, and 8 in the third”, the report said.
More than half of employers – 52% – noted that switching to electronic labor would require additional financial and labor costs. 33% of respondents said that their companies are fully prepared for the transition to electronic labor.
During the first half of 2020, employers must inform employees of the possibility of switching to electronic employment history. In the second half of the year, employees must choose the form of maintaining their work book and submit an appropriate application to the employer. It will be possible to switch to electronic labor later than 2020.
rns.online, January 21
In the 2020s, the financial sector is to be faced with the task of preventing the traditional view of crises and confronting new crises, said Kristalina Georgieva, director of the International Monetary Fund (IMF), and also talked about the risk of returning to the situation which was during the Great Depression.
“Maintaining stability will remain an important and challenging task in the coming decade”, she said in an IMF statement.
The head of the IMF noted that on the eve of the financial crisis, inequality is increasing.
Our recent study shows that inequality tends to increase on the eve of the financial crisis, which indicates a close relationship between inequality and financial stability” she added.
The IMF director also explained that the link between inequality and financial stability could lead to a situation that developed during the Great Depression.
The Great Depression is the global economic crisis that began in October 1929 with the stock market crash in the United States, and continued until 1939.
rns.online, January 18