Economic Recovery Support Operation

Abstract*

The objective of the Economic Recovery Support Operation Program (ERSO) is to strengthen governance in the management of public assets and revenues through maintaining Ministry of Finance's control over all capital spending by abolishment of the off-budget development fund and asserting stronger budget control, enhancing transparency in privatization process, establishing proper accounting and improving operational performance in the energy sector... Show More

Development Objective

The Economic Recovery Support Operation (ERSO) supports policy actions implemented between April 2010 and June 2011 aimed at stabilizing the economy, strengthening governance and safeguarding social protection. These areas are rooted in the governments near term priorities and medium term vision, and are critical for improving private sector confidence and reviving the economy. The PDOs include (i) Strengthened governance in the management of public assets and revenues through maintaining Ministry of Finance's control over all capital spending by abolishment of the off-budget development fund and asserting stronger budget control, enhancing transparency in privatization process, establishing proper accounting and improving operational performance in the energy sector, and maintaining financial sector stability; and (ii) Safeguarding social spending by ensuring essential social protection spending, and re-establishing livelihoods and providing social compensation for the conflict-affected population and businesses. The reform program supported by ERSO has been implemented satisfactorily and development objectives have been achieved. The ERSO is expected to be followedby a programmatic series of multi-year development policy operations provided the authorities stay the course on fiscal consolidation, ensure macroeconomic stability, and implement medium term structural reforms centering on governance and other relevant areas inline with an adequate medium term development strategy.

Key Details

Project Details

Project ID
P125425
Status
Closed
Team Leader
Afsaneh Sedghi
Borrower 2
N/A

Country
Kyrgyz Republic
Disclosure Date
June 6, 2011
Approval Date
(as of board presentation)
August 2, 2011
Effective Date
November 23, 2011

Total Project Cost 1
US$ 30.00 million
Implementing Agency
N/A
Region
Europe and Central Asia
Fiscal Year 3
2012

Commitment Amount
US$ 30.00 million
Environmental Category
N/A
Environmental and Social Risk
Not Applicable
Closing Date
June 30, 2012

Last Stage Reached
BANK APPROVED
Last Update Date
February 26, 2024

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Private Sector Development

FY17 - Business Enabling Environment27%
- FY17 - Regulation and Competition Policy27%
FY17 - Jobs100%

FY17 - Public Sector Management

FY17 - Public Administration27%
- FY17 - Transparency, Accountability and Good Governance27%
FY17 - Public Finance Management18%
- FY17 - Public Expenditure Management18%

FY17 - Social Development and Protection

FY17 - Fragility, Conflict and Violence14%
- FY17 - Conflict Prevention7%
- FY17 - Post-conflict reconstruction7%
FY17 - Social Protection14%
- FY17 - Social Safety Nets14%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	30.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	30.00
IBRD + IDA Commitment	30.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	30.00

Summary Status of World Bank Financing (US$ Millions) as of April 30, 2025

No data available.

Detailed Financial Activity as of April 30, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jul 15, 2014	IDA-50090	Int Charges	255.94
Jan 15, 2015	IDA-50090	Int Charges	55,674.06
Jan 15, 2015	IDA-50090	Int Charges	55,674.06
Jul 15, 2014	IDA-50090	Int Charges	60,151.20
Jul 15, 2014	IDA-50090	Int Charges	60,151.20
Jul 15, 2015	IDA-50090	Int Charges	1,428.35
Jul 15, 2015	IDA-50090	Int Charges	1,428.35
Jul 15, 2015	IDA-50090	Int Charges	53,078.83
Jul 15, 2015	IDA-50090	Int Charges	53,078.83
Jan 15, 2016	IDA-50090	Int Charges	716.03
Jan 15, 2016	IDA-50090	Int Charges	716.03
Jan 15, 2016	IDA-50090	Int Charges	53,242.42
Jan 15, 2016	IDA-50090	Int Charges	53,242.42
Jul 15, 2016	IDA-50090	Int Charges	20.67
Jul 15, 2016	IDA-50090	Int Charges	20.67
Jul 15, 2016	IDA-50090	Int Charges	54,342.21
Jul 15, 2016	IDA-50090	Int Charges	54,342.21
Jul 15, 2024	IDA-50090	Int Charges	48,615.16
Jul 15, 2024	IDA-50090	Int Charges	48,615.16
Jul 15, 2024	IDA-50090	Int Charges	1,375.19
Jul 15, 2024	IDA-50090	Int Charges	1,375.19
Jul 15, 2024	IDA-50090	Loan Repay	138,035.05
Aug 2, 2011	IDA-H7300	Loan Commitment	13,500,000.00
Jan 15, 2021	IDA-50090	Int Charges	1,258.39
Jan 15, 2021	IDA-50090	Int Charges	55,355.00
Jan 15, 2021	IDA-50090	Int Charges	55,355.00
Jul 15, 2021	IDA-50090	Int Charges	811.58
Jul 15, 2021	IDA-50090	Int Charges	811.58
Jul 15, 2021	IDA-50090	Int Charges	55,558.62
Jul 15, 2021	IDA-50090	Int Charges	55,558.62
Jul 15, 2022	IDA-50090	Int Charges	50,552.46
Jul 15, 2022	IDA-50090	Int Charges	50,552.46
Jul 15, 2022	IDA-50090	Int Charges	394.97
Jul 15, 2022	IDA-50090	Int Charges	394.97
Jul 15, 2022	IDA-50090	Loan Repay	136,168.23
Jan 15, 2022	IDA-50090	Loan Repay	558.73
Jan 15, 2022	IDA-50090	Loan Repay	145,862.88
Jan 15, 2022	IDA-50090	Int Charges	54,483.39
Jan 15, 2022	IDA-50090	Int Charges	54,483.39
Jan 15, 2023	IDA-50090	Loan Repay	3,066.88
Jan 15, 2023	IDA-50090	Loan Repay	137,167.77
Jan 15, 2023	IDA-50090	Int Charges	46,922.60
Jan 15, 2023	IDA-50090	Int Charges	46,922.60
Jul 15, 2023	IDA-50090	Int Charges	4,634.50
Jul 15, 2023	IDA-50090	Int Charges	4,634.50
Jul 15, 2023	IDA-50090	Loan Repay	140,869.05
Jul 15, 2023	IDA-50090	Int Charges	49,519.88
Jul 15, 2023	IDA-50090	Int Charges	49,519.88
Jan 15, 2024	IDA-50090	Int Charges	48,637.42
Jan 15, 2024	IDA-50090	Int Charges	48,637.42
Jan 15, 2024	IDA-50090	Int Charges	1,697.77
Jan 15, 2024	IDA-50090	Int Charges	1,697.77
Jan 15, 2024	IDA-50090	Loan Repay	138,949.20
Aug 2, 2011	IDA-50090	Loan Commitment	16,500,000.00
Jan 15, 2017	IDA-50090	Int Charges	52,033.80
Jan 15, 2017	IDA-50090	Int Charges	52,033.80
Jan 15, 2017	IDA-50090	Int Charges	664.95
Jan 15, 2017	IDA-50090	Int Charges	664.95
Jul 15, 2017	IDA-50090	Int Charges	479.70
Jul 15, 2017	IDA-50090	Int Charges	479.70
Jul 15, 2017	IDA-50090	Int Charges	52,964.35
Jul 15, 2017	IDA-50090	Int Charges	52,964.35
Jan 15, 2018	IDA-50090	Int Charges	55,093.37
Jan 15, 2018	IDA-50090	Int Charges	808.24
Jan 15, 2018	IDA-50090	Int Charges	808.24
Jan 15, 2018	IDA-50090	Int Charges	55,093.37
Jul 15, 2018	IDA-50090	Int Charges	54,677.61
Jul 15, 2018	IDA-50090	Int Charges	54,677.61
Jul 15, 2018	IDA-50090	Int Charges	774.57
Jul 15, 2018	IDA-50090	Int Charges	774.57
Jan 15, 2019	IDA-50090	Int Charges	1,037.46
Jan 15, 2019	IDA-50090	Int Charges	1,037.46
Jan 15, 2019	IDA-50090	Int Charges	52,847.68
Jan 15, 2019	IDA-50090	Int Charges	52,847.68
Jul 16, 2019	IDA-50090	Int Charges	527.04
Jul 16, 2019	IDA-50090	Int Charges	527.04
Jul 16, 2019	IDA-50090	Int Charges	53,875.38
Jul 16, 2019	IDA-50090	Int Charges	53,875.38
Jan 15, 2020	IDA-50090	Int Charges	53,570.06
Jan 15, 2020	IDA-50090	Int Charges	53,570.06
Jan 15, 2020	IDA-50090	Int Charges	35.84
Jan 15, 2020	IDA-50090	Int Charges	35.84
Jul 15, 2020	IDA-50090	Int Charges	272.79
Jul 15, 2020	IDA-50090	Int Charges	272.79
Jul 15, 2020	IDA-50090	Int Charges	53,010.13
Jul 15, 2020	IDA-50090	Int Charges	53,010.13
Jan 15, 2021	IDA-50090	Int Charges	1,258.39
Jul 15, 2013	IDA-50090	Int Charges	557.75
Jul 15, 2013	IDA-50090	Int Charges	1,029.95
Jul 15, 2013	IDA-50090	Int Charges	1,029.95
Jul 15, 2013	IDA-50090	Int Charges	57,090.54
Jul 15, 2013	IDA-50090	Int Charges	57,090.54
Jul 15, 2013	IDA-50090	Int Charges	557.75
Jan 15, 2014	IDA-50090	Int Charges	59,585.87
Jan 15, 2014	IDA-50090	Int Charges	59,585.87
Jan 15, 2014	IDA-50090	Int Charges	342.59
Jan 15, 2014	IDA-50090	Int Charges	342.59
Jan 15, 2015	IDA-50090	Int Charges	98.43
Jan 15, 2015	IDA-50090	Int Charges	98.43
Jul 15, 2014	IDA-50090	Int Charges	255.94

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Program Management	Satisfactory	2011-12-13
Monitoring and Evaluation	Satisfactory	2011-12-13
Overall Implementation Progress (IP)	Satisfactory	2011-12-13
Progress towards achievement of PDO	Satisfactory	2011-12-13

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 02-17-2013
Outcomes	Substantial
Risk to Development Outcome	Substantial
Bank Performance	Substantial
Borrower Performance	Substantial
Government Performance	Not Applicable
Implementing Agency	Not Applicable

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 04-03-2014	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome	Significant	N/a
Bank Performance	Satisfactory	N/a
Borrower Performance	Satisfactory	N/a
Government Performance	Satisfactory	N/a
Implementing Agency	Satisfactory	N/a
Icr Quality	Satisfactory	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Escrow accounts at the Power Plants and the Kyrgyz National Electricity Grid companies are established.	Value	Power export proceeds are not used transparently a	Escrow accounts are established and power export p	Power export proceeds are accounted for and used t
	Date	March 1, 2010	June 15, 2012	June 30, 2012
	Comment

Comprehensive information available to fully assess fiscal stance over the medium term	Value	MoF exercises no budgetary control over capital sp		MoF total control over all capital spending mainta
	Date	March 1, 2010	November 15, 2011	June 30, 2012
	Comment

Transparent revenue sharing mechanism	Value	No regulation in place on revenue sharing mechanis	A revenue sharing regulation has been developed, a	A revenue sharing regulation has been developed an
	Date	March 1, 2010	June 15, 2012	June 30, 2012
	Comment			To assess the transparency and clarity of the adopted criteria.

Transparent rules-based privatization process. Value Privatizations process lacks transparency. Privatizations implemented in line with best pract
Date March 1, 2010 November 15, 2011 June 30, 2012
Comment

Continued publication of EITI report to inform the public at large.	Value	25 extractive companies provide EITI reports that		46 extractive companies provide EITI reports that
	Date	March 1, 2010	November 15, 2011	June 30, 2012
	Comment			The target was already achieved by the Board date. Dissemination of EITI principals in the regions is expected to motivate morecompanies to provide EITI reports for independent reconciliation.

AUB resolution.	Value	Major bank moved rapidly into insolvency following		Zalkar, the restructured good bank from AUB audite
	Date	March 1, 2010	November 15, 2011	June 30, 2012
	Comment			Audit has been conducted and bank undergoing thru privatization process.

Average monthly benefit for poor families with children per beneficiary household.	Value	Monthly benefit of less than 100 som based on GMI		Monthly benefit of 220 som based on GMI increase t
	Date	January 1, 2010	November 15, 2011	June 30, 2012
	Comment		While the level of GMI has been increased, there is concern if sufficient funding is available in the budget to accommodate thesubsequent monthly benefit increases.	To assess if draft 2012 budget has sufficient fund to allow the increase in monthly benefit to 220 som.

Tools to monitor energy sector performance and improve performance accountability.	Value	No regulatory/ accountability tool is currently in	The MoE's State Department on regulation is analyz	Regulatory/accountability tools to monitor the sec
	Date	March 1, 2010	June 15, 2012	June 30, 2012
	Comment

Banks# adherence to prudential norms, including capital, and NBKR#s supervisory response (timeliness and appropriateness).	Value	NBKR supervisory response mechanism lacks key good		NBKR equipped to supervise the banking sector, add
	Date	March 1, 2010	November 15, 2011	June 30, 2012
	Comment		Currently, mission in the field assessing the implications of the amendments.

Number of rights-based categories of benefits. Value 39.00 25.00 0.00
Date March 1, 2010 June 15, 2012
Comment
Collection rate per kWh billed Value 0.81 0.94 0.94
Date December 31, 2009 December 31, 2011 December 1, 2012
Comment End of year target already achieved.
Losses (percentage of kWh delivered to domestic market). Value 29.30 26.40 26.00
Date December 31, 2009 June 15, 2012 December 1, 2012
Comment

Transparent rules-based privatization process.	Value	Privatizations process lacks transparency.		Privatizations implemented in line with best pract
	Date	March 1, 2010	November 15, 2011	June 30, 2012
	Comment

Number of rights-based categories of benefits.	Value	39.00	25.00	0.00
	Date	March 1, 2010	June 15, 2012
	Comment

Collection rate per kWh billed	Value	0.81	0.94	0.94
	Date	December 31, 2009	December 31, 2011	December 1, 2012
	Comment		End of year target already achieved.

Losses (percentage of kWh delivered to domestic market).	Value	29.30	26.40	26.00
	Date	December 31, 2009	June 15, 2012	December 1, 2012
	Comment