Tokyo, 29 October 1996 (RFE/RL) -- A donors' conference for Kyrgyzstan is being held in Tokyo today.
Participating are representatives of the International Monetary Fund, its World Bank affiliate and the European Bank for Reconstruction and Development, among others.
A governmental delegation from Bishkek includes Prime Minister Apas Jumagulov, Finance Minister Kemelbek Nanayev, President of the National Bank Marat Sultanov, Economics Minister Taalaibek Koichumanov, chairman of the investment committee Askar Sarygulov, and group of Kyrgyz businessmen. Further loans from international finance organizations will be discussed, and members of the Kyrgyz delegation will present reports on economic reform.
Akayev Refuses to Sign Compensation Law
Bishkek, 29 October 1996 (RFE/RL) -- President Askar Akayev has refused to sign a compensation law passed in the Legislative Assembly this month.The law would have compelled the government to restore, over a ten-year period, the lost savings of people who had deposited their money in state banks.
Administration and government officials yesterday told reporters in Bishkek that the projected budget deficit for next year is the equivalent of about $110 million. They said this amount would allow the government to invest only a fraction of the money needed to fund the ten-year compensation program.
In the Soviet era, most people saved their money in state banks. But in the early 90's, these deposits were frozen, and then it was announced that they could not be paid because of budget shortages.