The awarding ceremony was organized in the framework of the "Strengthening Voice and Accountability: Citizens’ Participation and Oversight of Budgetary Processes" project. The project aims at ensuring participation of citizens in budgetary processes and strengthening the capacity of municipalities to improve services delivered to citizens. It is implemented by the Development Policy Institute with the financial support of the Swiss Agency for Development and Cooperation. 

The competition for grant support has been announced among all municipalities of the Chuy province. In total 33 applications were submitted, out of which 15 projects with the highest scores were selected by the committee. According to the conditions of the competition, grant funds are allocated to local budgets and used exclusively for financing of the projects aimed at addressing local issues and improving living conditions of local communities. 

“In 2017, 9 out of 15 supported projects are meant to improve conditions for children of preschool and school age. These projects were voted and chosen by local communities of 15 municipalities at their village gatherings organized by municipalities," - said Bekbolot Bekiev, manager of the project.

“I hope that citizens will continue to be involved in the budgetary processes at the local level, since local development should be a joint effort of citizens, municipalities and stakeholders at the national level,” - said Danielle Meuwly Monteleone, Deputy Head of Mission of the Embassy of Switzerland in the Kyrgyz Republic.  

The list of winning municipalities is as follows: 

Over the course of three years, the State Service for Regulation and Supervision of Financial Markets and the World Bank will work towards raising the quality of audit services and building trust in the audit profession, as well as strengthening financial reporting capacity and raising public accountability of state-owned enterprises. In addition, the KAREP project will help SMEs to bridge their accounting knowledge gap and compile financial statements acceptable to local banks, thus, contributing to improvement of access to finance for smaller businesses.

“KAREP is an important government-driven and government-led initiative to modernize and strengthen corporate financial reporting policies and practices in the public and the private sector in Kyrgyzstan. This will contribute to improved governance through the adoption of international best practices in financial reporting and auditing. This is an ambitious goal, but we certainly have the right partners to succeed,” said Ambassador of Switzerland to the Kyrgyz Republic Véronique Hulmann.

“Increasing transparency and accountability of the Kyrgyz economy is among the priority tasks of the Kyrgyz Government’s “40 steps to New Era” and also of the 2014-2020 Strategy for development of financial reporting of the Kyrgyz Republic,” said Sanjar Mukanbetov, head of the State Service for Regulation and Supervision of Financial Markets. “The project will contribute to building a more transparent relationship between the state and the private sector, which is prerequisite for promoting competitiveness, diversification, productivity and job creation in the Kyrgyz Republic.”

Bolormaa Amgaabazar, World Bank Country Manager in the Kyrgyz Republic stressed the importance of the effective financial reporting as a measure to improve business environment in the Kyrgyz Republic. “The improved understanding and use of financial information will establish a basis for informed decision making by business owners, investors and lenders, enhanced supervision by regulators and better access to finance for growing enterprises.” said Bolormaa Amgaabazar.

The project will benefit the Kyrgyz business community and other stakeholders, including state and privately owned companies, SMEs, Kyrgyz government and regulators, accounting and audit profession in general, as well as students majoring in related disciplines. It will be managed by the Centre for Financial Reporting Reform (CFRR), the World Bank’s specialist center in Vienna for providing knowledge and advisory services to support reforms in financial reporting.

The Government of Switzerland provides assistance for the development of the Kyrgyz Republic. The overall objective of its cooperation program is to promote peace and social cohesion as well as responsive and inclusive institutions and a sustainable development to improve the well-being of the population. Over the last 25 years Switzerland has granted more than CHF 360 million to Kyrgyzstan to support the transition process. For more information, please visit www.eda.admin.ch/bishkek

The World Bank’s overall mission in the Kyrgyz Republic is to reduce poverty, promote economic growth and shared prosperity. 50 percent of the World Bank’s assistance to the Kyrgyz Republic is in the form of grants. The other 50percent is in highly concessional credits – no interest, and only a 0.75 percent service charge. Credits are repayable in 38 years, including a 6-year grace period, while grants require no repayment. The financial assistance to the Kyrgyz Republic since 1992 amounts to over US$ 1.1 billion. For more information, please visit: www.worldbank.org/kg