RUDN Journal of EconomicsRUDN Journal of EconomicsВестник Российского университета дружбы народов. Серия: Экономика2313-23292408-8986Peoples’ Friendship University of Russia named after Patrice Lumumba (RUDN University)4296510.22363/2313-2329-2024-32-4-784-802NLWSIOINTERNATIONAL CAPITAL MOVEMENTМЕЖДУНАРОДНОЕ ДВИЖЕНИЕ КАПИТАЛАResearch ArticleAnalysis of the impact and effectiveness of official multilateral financing on socio-economic development: a case study of the Kyrgyz Republic (1992-2017)Анализ эффективности и влияние официального многостороннего финансирования на социально-экономическое развитие на примере Кыргызской Республики в 1992-2017 гг.https://orcid.org/0000-0003-2331-98343856-3580ManshinRoman V.МаньшинРоман Владимирович

Cand. Sci. (Econ.), Associate Professor, Department of International Economics, Faculty of Economics, RUDN University; Leading Researcher, Institute of Demographic Research - Branch of the Federal Center of Theoretical and Applied Sociology, Russian Academy of Sciences

кандидат экономических наук, доцент кафедры международных экономических отношений, Российский университет дружбы народов; ведущий научный сотрудник, Институт демографических исследований, Федеральный научно-исследовательский социологический центр, Российская академия наук

manshin@list.ruhttps://orcid.org/0000-0002-2912-7449SumkoskiGoran A.ШумкоскиГоран Ацев

PhD student of the Department of International Economic Relations, Faculty of Economics, RUDN University; International Institute of Sovereign Sciences

аспирант кафедры международных экономических отношений, экономический факультет, Российский университет дружбы народов; Международный институт суверенных наук

goran@sumkoski.comRUDN UniversityРоссийский университет дружбы народовInstitute for Demographic Research FCTAS RASИнститут демографических исследований ФНИСЦ РАНInternational Institute of Sovereign SciencesМеждународный институт суверенных наук15122024324TRENDS, STRATEGIES AND MANAGEMENT PROBLEMS IN THE CONTEXT OF GLOBAL DIGITAL TRANSFORMATIONТРЕНДЫ, СТРАТЕГИИ И ПРОБЛЕМЫ УПРАВЛЕНИЯ В УСЛОВИЯХ ГЛОБАЛЬНОЙ ЦИФРОВОЙ ТРАНСФОРМАЦИИ78480221022025Copyright ©; 2024, Manshin R.V., Sumkoski G.A.Copyright ©; 2024, Маньшин Р.В., Шумкоски Г.А.2024Manshin R.V., Sumkoski G.A.Маньшин Р.В., Шумкоски Г.А.https://creativecommons.org/licenses/by-nc/4.0https://journals.rudn.ru/economics/article/view/42965

This study analyzes the impact of officially multilateral foreign funds in the Kyrgyz Republic on its economy, on broader socio-economic development. It identifies key strengths, obstacles, weaknesses, lessons from different periods official multilateral financing and the key features of the public investment system with foreign loans. The analysis shows the positive impact of public investment on socio-economic development, although this positive effect is significantly reduced due to the debt trap, high servicing costs, a large share of lost effects from loans owed to both creditors and countries from operational failures as well as economic and financial mistakes. A sensitivity analysis is conducted showing the size and impact of possible additional effects on the country’s economic development and growth, budgets and debt levels that could be achieved through more efficient implementation of public investment processes, improved project selection, preparation, and optimization of investment project implementation, as well as better utilization foreign financial funding.

Проведен анализ влияния официальных многосторонних иностранных фондов на экономику Кыргызской Республики в целом, а также на различные параметры социальноэкономического развития страны. Исследование выявляет ключевые преимущества, препятствия, слабости, уроки разных периодов официального многостороннего финансирования Кыргызской Республики и выделяет особенности государственной инвестиционной системы, опирающейся на иностранные кредиты. Анализ показал положительное влияние государственных инвестиций на социально-экономическое развитие, хотя этот эффект серьезно нивелируется из-за долговой ловушки, высоких расходов на обслуживание кредитов, большой доли упущенных эффектов от кредитов, причитающихся как кредиторам, так и другим странам, получающим благодаря операционным сбоям и другим экономическим и финансовым ошибкам. Результаты анализа экономической чувствительности для Кыргызской Республики показали размер и влияние возможных дополнительных эффектов для экономического развития и роста страны, бюджетов и уровней долга, которые могут быть достигнуты путем более эффективной реализации государственных инвестиционных проектов, улучшения отбора проектов, подготовки, и реализации инвестиционных проектов, а также лучшего использования иностранного официального финансирования.

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