Kyrgyzstan’s public debt is nearly three billion dollars
The public debt of Kyrgyzstan is $2.985 billion. Mirlan Baygonchokov Deputy Minister of Finance of Kyrgyzstan announced at a press conference in Bishkek on Thursday.
"Kyrgyzstan's national debt for September 30 amounted $ 2.985 billion, external debt of which is $2.755 billion with the internal debt standing at $229 million," Mr Baygonchokov said, writes KyrTAG.
He said the share of debt owed to multilateral creditors amounted to 54.7 per cent, and bilateral creditors - 45.3 per cent out of total external debt of the Republic.
"The reduction of debt, which is less than 55 per cent of the GDP, is expected by the end of the year. Further, in the medium term the external debt to the GDP will decline at about 50-53 per cent between 2012 to 2014. At the end of 2010 the figure was 58.1 per cent, "Mr Baygonchokov said.
"Debt reducing will be provided by nominal GDP growth, averaging at about 15 per cent," he added.
According to Mr Baygonchokov, there is a sum in the national budget of Kyrgyzstan which the state debt annually provides.
"About 9.6 billion soms, which is about 10 per cent of the expenditure of the republican budget is planned to be allocated from the national budget on debt service in 2011. Forecasted figures of external debt service on the Kyrgyzstan for 2012 and 2013 are 4.6 and 5.2 billion soms," Baygonchokov said.
According to Mr Baygonchokov the peak of the expenditures on servicing the external debt of Kyrgyzstan will fall between 2018 - 2024, 'because along with accrued interest on loans Kyrgyzstan will repay the principal loans'.