Kyrgyzstan’s state debt makes $3.6 billion

Almaty. May 11. Silkroadnews – As of March 31, 2016, Kyrgyzstan’s debt burden amounted to $3 billion 646 million (255.3 billion som), or 60.3% of 2015 GDP, the press service of the Kyrgyz government says, KyrTAG reports.

It is noted the government follows the tough policy of attracting external loans according to the priorities identified in Kyrgyzstan’s national sustainable development strategy for 2013-2017, on preferential terms solely. 99% of all the attracted foreign loans are discounted at 0.75-2% interest rate and maturity of 40 years. More than 90% of foreign loans have been attracted under various investment projects.

To ensure sustainable level of public debt the Kyrgyz government undertakes measures to reduce foreign debt. This year the external creditors wrote off $43.5 million: $13.5 million – by the Federal Republic of Germany (in April) and $30 million – by the government of the Russian Federation (over the year).

“Government of Kyrgyzstan plans to expand the list of measures to promote economic growth, continue following a rigid policy of external borrowing, ensure efficient management and reduction of the public external debt,” the statement said.