University students were awarded for the best essay on food security and financial literacy


Today 10 students studying in field of economics in universities of Kyrgyzstan received valuable prizes and certificates based on the results of the national essay competition on food security and financial literacy conducted by the WFP and Bai-Tushum Bank.

At the awarding ceremony held at the Ministry of Education and Science of the KR, the competition organizers noted that they aimed to attract the attention of young economists and let them gain a better understanding of the key factors affecting the national economy and sustainable development of Kyrgyzstan – such as financial literacy of the population, food security and the development of the agricultural sector.

“The future generation of economists will have to solve a number of tasks to create the necessary conditions for the sustainable social and economic development of the Kyrgyz Republic”, said Keiko Izushi, Deputy Country Director of the WFP in the Kyrgyz Republic. “Therefore, it was a pleasure to receive so many works and new ideas from young Kyrgyz people. Largely due to the activity of future economists, the development of Kyrgyzstan is seen as successful and sustainable”.

More than 80 student works from all regions of Kyrgyzstan were sent for the essay competition. The competition participants were senior students majoring in economics from all higher education institutions of Kyrgyzstan. In their essays the students shared their ideas how investments in food security, rural development and the expansion of farmers’ capacities can ensure sustainable development of Kyrgyzstan. Also the students presented their vision how to raise the financial literacy of people, financial education of children and youth, personal finance management and reasonable borrowing in order to expand production in agriculture.

The prizewinners presented their ideas and recommendations to representatives of the National Bank of the KR, the Union of Banks, WFP, Bai Tushum Bank, the Ministry of Education and Science of the KR and the Ministry of Labor and Social Development, as well as to media representatives during the awarding ceremony.

“Financial literacy in the modern world is as an important skill as reading and writing. And it is pleasant that today the understanding of the importance of this matter is quite high at all levels. A low level of financial literacy always slows down the development processes in the economy, which ultimately affects the living standards”, noted acting Chairman of the Executive Committee of Bai-Tushum Bank Ishenbaev Maksatbek Beishenbekovich. -“After announcing the national essay competition, we were pleasantly surprised at the level of preparation of our students-economists and practical ideas for solving issues related to financial illiteracy”.

Following work of the competition commission, which evaluated the essays according to such criteria as the relevance and social significance of the problems discussed in essays, practical value of the recommendations and arguments, the winners were students of the capital universities – KRSU, KNU, KNAU, and students of the Talas State University, Osh Technological University, Issyk-Kul State University, Naryn State University and Batken Humanitarian-Economic College.

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The United Nations World Food Programme (WFP) is the world’s largest humanitarian agency fighting hunger worldwide. In emergencies WFP delivers food and works with local communities to improve their sustainability and improve the nutritional situation. WFP helps about 80 million people in 80 countries every year.

Bai-Tushum Bank is one of the largest financial institutions in the Kyrgyz Republic with total assets of 6.95 billion soms and with a client base of more than 105 thousand clients. In 5 years since obtaining a banking license, the bank entered the top ten of the leading financial institutions of the country, ranking the 9th in terms of loan portfolio and the 10th in terms of assets, deposits and chartered capital. With the wide branch network, Bai-Tushum Bank provides a full range of financial services throughout the country, contributing to the extending of the coverage of people of the Kyrgyz Republic with financial services.