The Prime Minister of Kyrgyzstan Sadyr Japarov signed a decree of the Government of the Kyrgyz Republic on November 13, 2020 on the provision of state support to borrowers who received loans from financial and credit institutions of the Kyrgyz Republic.
This is done to provide state support to Kyrgyzstanis who received loans from financial and credit organizations of the Kyrgyz Republic and found themselves in a difficult socio-economic situation due to the epidemiological and social situation caused by the COVID-19 coronavirus pandemic. In addition, support is provided to ensure the stability of the banking and financial systems of the Kyrgyz Republic.
Financial and credit organizations (with the exception of credit unions, leasing companies and pawnshops) were recommended to exempt borrowers who received an initial loan / financing of not more than 100,000 soms before October 1, 2020 from paying accrued interest / margins in December 2020 and January — February 2021.
If a person has several loans up to 100,000 soms, then interest / margin on one loan / financing at only one financial and credit institution is subject to compensation based on a written application of the borrower on the choice of a financial and credit institution and the corresponding loan / financing.
At the same time, the National Bank of Kyrgyzstan has, by December 1, 2020, to submit to the Ministry of Finance a consolidated register of financial and credit organizations for signing an agreement on subsidizing accrued interest / margins. The Ministry of Finance should provide 1,253,216 billion soms in the draft budget for 2021 at the expense of non-tax revenues to subsidize financial and credit organizations with interest / margins on loans / financing issued before October 1, 2020 to borrowers-residents of the Kyrgyz Republic.
