2025-06-29-IMF-吉尔吉斯斯坦_国有企业的财政风险（英）_19页_902kb

The report on Kyrgyz Republic's state-owned enterprises (SOEs) highlights significant economic roles but substantial fiscal risks. SOEs number eighty-two, accounting for 50% of GDP in assets and 15% in revenues. Fiscal risks stem from contingent liabilities, low profitability, and debt issues, particularly in the energy sector. Aggregate analysis shows total liabilities of large SOEs at 25% of GDP, with energy sector concentrated in high-risk debt and losses. Firm-level assessment using the IMF SOE Health Check Tool confirms vulnerabilities and poor performance at energy firms like NESK and EPS, who underperform international peers due to below-cost tariffs and inefficient operations. Recommendations stress continuing tariff reforms for cost-recovery, debt-to-equity conversions, improving financial transparency, and strengthening governance to mitigate risks and ensure fiscal stability.