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China gives Kyrgyzstan six-year external debt standstill

China agreed to give Kyrgyzstan a standstill on debt repayments for six years. The draft agreement with the PRC was considered at a meeting of the Committee on International Affairs, Defense and Security today.

According to Deputy Minister of Economy and Finance Ruslan Tatikov, China will provide a standstill on payments for six years, the first year is preferential.

«We had to pay interest on loans in the amount of $88 million this year. In connection with the pandemic, we reached out to China through the Paris Club. China agreed to defer $51.1 million. Interest rates are stipulated, we will repay $3.8 million over six years,» Ruslan Tatikov said.

The Cabinet of Ministers intends to use $51.1 million for the purchase of electricity, restoration of Batken and social projects.

He noted that the debt of Kyrgyzstan to the Export-Import Bank (Exim Bank) of China is $1.7 billion to date.