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Does Global Financial Crisis Affect Kyrgyzstan?

Slon.ru writes [ru] that global financial crisis started in the February, 2007. That month Federal Home Loan Mortgage Corporation (Freddie Mac) stopped the buying-out the subprime mortgages. A lot of American and European banks take up the lead of Freddie Mac in Summer, 2007. It leaded to the bankruptcy in the financial sector and the global financial crisis started.

Two years passed. Has the global financial crisis affected Kyrgyzstan?

Deputy minister of industry, energetics and fuel life Gulbarchyn Asanova told that there was a significant recession in the production of the building materials had a According to her words, the reason is Kazakhstan's rejection to buy the Kyrgyz production. Global financial crisis also affected food, cloth and chemical industry of Kyrgyzstan.

The overall production decreased 20% first six months of the present year, Gulbarchyn Asanova told [ru].

Head of the committee of directors of the Kyrgyz stock exchange Nurbek Elebaev said [ru], that the stock market of Kyrgyzstan had already suffered from the global financial crisis.

The Kyrgyzs stock exchange doesn't integrate to the global stock exchanges.That's why we hadn't suffered much in 2008. But I can consider that the local stock exchange had begun to experience the influlence of the global financial crisis after 5 months of this year. A lot of companies which have been working actively at the stock market recently, decreased their activity now, Nurbek Elebaev told.

At the same time, the prime-minister of Kyrgyzstan Igor Chudinov told [ru], that the economical situation in Kyrgyzstan is staying stable in spite of some objective difficulties.

We were successful to keep all state financial obligations. I can speak with assurance that we were able to provide the realization of the economical and social reforms in the difficult conditions due to the cooperative efforts, Igor Chudinov told.

Internet-society doesn't have one opinion about the possible influence of the global financial crisis on Kyrgyzstan. Someone is complaining about the business recession, others claim that they have a lot of job.

We have a lot of work. There was small slack period in the beginning of the year, but now we have a stable situation. We didn't decrease the prices, but didn't increase also. I have an impression that people more in panic, than suffer from the real crisis, Diesel Forum user Igrok said [ru].

I am working in the construction business. I've had a lot of work in the previous year, but there is no demand now. The prices decreased greatly, but still no business. I have one fellow, he sells clothing in bulk at the Dordoi market. He earned 5000 USD per day, but now he earns 300 USD hardly, Diesel Forum user Mogul complained [ru].

The global financial crisis affected people who took credits and lived from one credit to another. But the Kyrgyzstanies always worked, are working and will be working. Let's go to the café in the evening? You will see that even expensive restaurants are always overcrowded. People don't care about any crisis and have a rest. If you really want to work, you will find a job easily. Financial crisis is a psychological crisis also, Diesel Forum user Futurist told [ru].

Anyway, the influence of the crisis is still exists. Even it is bias.

A few children told [ru] to BPC reporter that they wish our country couldn't have had the financial crisis.

I want all people to be healthy and the financial crisis passes soon, 13 year old Aleksei Grishchenko told.

I would like to become lawyer and the ambassador in Germany. I want the financial crisis to finish soon, 9 year old Iskander Omurov said.

Also posted on neweurasia.

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