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

The “Francophonie Week” is the festival of the French language and cultures of the French-speaking countries, which is celebrated in the middle of March across the world. The organizers have prepared a program for the broad public to show the linguistic and cultural diversity of the French-speaking countries.

At the opening of the Francophonie week on March 13 the French movie “Margarita” will be screened at 17:30 pm at the “Rossiya” cinema. The Ambassadors of France, Switzerland and Belgium will solemnly open the Francophonie Week 2017.

The Swiss film “Bouboule” will be shown at the "Rossiya" cinema on March 15 at 18:00. The Belgian animation film “Skin color: honey” - in the big hall of the Academy of Tourism (address: 99 Chui Avenue/Alma-Atinskaya street), beginning at 17:30. All films are in French with Russian subtitles.

The Bishkek Francophonie program contains traditional events such as a culinary atelier, a competition of modern French songs, a theatre contest, an evening of French wines, the French game "Petanque" and many other events.

In addition, on March 17, at 18:00, the Swiss musician Jacky Lagger will hold a concert in French at the American University of Central Asia (AUCA).

All detailed information about events is presented in the program below.

PROGRAM