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Sooronbai Jeenbekov: Kyrgyzstan needs restructuring of external debt

«It is necessary to carry out a «deep» restructuring of external debt, including to multilateral lenders,» President of Kyrgzystan Sooronbai Jeenbekov said at the International Forum High-Level Event on Financing Development during and after the Coronavirus Era held in a video conference format yesterday.

According to him, the second step should be to develop a program for exchanging the debt for projects in the field of health care, social support and food security. He also noted that this program should be aimed at projects in the field of ecology, climate change and the green economy.

«This is in line with the six measures voiced by the UN Secretary-General António Guterres in April this year. In case of support of our proposals, I offer to develop and adopt an appropriate roadmap within the UN,» Sooronbai Jeenbekov said, adding that the current situation requires decisive measures and innovative approaches.

The coronavirus pandemic has ceased to be only a public healthcare problem, it has a negative impact on the economic development of all countries, including Kyrgyzstan, and the protective measures taken to combat coronavirus have led to a sharp decline in economic activity.

«Kyrgyzstan, as a mountainous landlocked country, also faced a decline in foreign trade operations. By the end of this year, we expect a negative economic growth and significant fall in budget revenues. Lack of budgetary funds can lead to a worsening of the social situation of the population,» Sooronbai Jeenbekov stressed, adding that under these conditions the implementation of national development programs that are closely linked with the UN sustainable development goals is put at threat.

The event was held in the form of a videoconference with the participation of heads of foreign states, international organizations, financial institutions and the UN Secretary-General António Guterres.