Kyrgyzstan's debt to China falls to $1.4 bn
Kyrgyzstan's external debt to China has declined to $1.4 billion, Adylbek Kasymaliev, Chairman of the Cabinet of Ministers and Head of the Presidential Administration of Kyrgyzstan, said, Qazinform News Agency reports, citing Kabar.
According to him, the country's external debt to China once stood at $1.9 billion but has since been reduced to $1.4 billion.
"Borrowing from a single source should not exceed 50%. Today, debt to China accounts for just over 20% of Kyrgyzstan's total external debt. The remainder consists of long-term concessional loans from the Asian Development Bank and the World Bank, as well as financing from the International Monetary Fund and other creditors with relatively small amounts," he said.
Kasymaliev also noted that under Kyrgyz law, public debt must not exceed 60% of GDP. However, President of Kyrgyzstan Sadyr Japarov has set a stricter ceiling of 50% of GDP.
"At present, public debt stands at 42% of GDP, while external debt accounts for 22% of GDP. We are currently reducing external debt while increasing domestic borrowing," he said.
Earlier, Qazinform News Agency reported that Kassym-Jomart Tokayev had congratulated Nikol Pashinyan on reappointment as Prime Minister.