China's share in Kyrgyzstan's external debt jumps from 2 to 44 percent
Baku, Azerbaijan, April 21
By Ali Mustafayev – Trend:
Over the past five years, China's share in Kyrgyzstan's external debt has grown from 2 percent to 44 percent, Akylbek Japarov, a member of the parliamentary Bir Bol faction, said at the country’s parliamentary meeting, Kyrgyz media outlets reported.
He stressed that presently, Kyrgyzstan's debt amounts to 58 percent of the country’s GDP.
“The external debt servicing of Kyrgyzstan will require $191 million in 2018. In five years, this figure will reach $320 million. This is a very big burden for the country,” said Japarov.
The MP also expressed concern over Kyrgyzstan's debt to China, adding that within five years Kyrgyzstan should pay $1.5 billion in cash to the Export-Import Bank of China.
"This is the result of the wrong policy of the authorities. In agreements with the Export-Import Bank of China it is written that the debt is not subject to write-off, and its term is extended. In 2012, when I was Minister of Finance, I refused to sign an agreement with a Chinese bank, my deputy signed it instead. Following that, we both resigned," Japarov said.