Kyrgyzstan's economic reform program faces more difficulty than those of other countries of the former Soviet Union (FSU). But a reform agenda could lead to significant progress in the medium term. This study examines the country's historic dependence on imports and economic transfers and provides a strategy to speed short-term and medium-term reforms. The strategy would coordinate monetary, fiscal, and trade policies with those of other FSU countries. It would reduce the budget deficit to limit inflation. A plan for increasing hard currency exports outlines free trade agreements that would bolster trade among the countries of the FSU. The study places priority on reforms that promote privatization and suggests which enterprises to privatize quickly. Monetary and fiscal reforms are described for boosting savings and loosening credit. Proposed spending cuts would phase out unproductive enterprises and reduce consumer subsidies while protecting critical social services. The report estimates the financial and technical assistance Kyrgyzstan will need. It suggests a cutoff level for financing so as to stay within the country's capacity for servicing debt.