The Minister of Economy and Commerce of Kyrgyzstan Daniyar Amangeldiev met with UNDP Resident Representative in Kyrgyzstan Louise Chamberlain. Press service of the ministry reported.
The parties considered the possibility of restructuring the state debt, identified a range of major issues and problems related to the state debt, and proposed effective ways to solve them.
Peter Middlebrook, an expert on public debt restructuring, said that he thoroughly studied the situation in Kyrgyzstan related to loans, and indicated that this issue is closely intertwined with the work that UNDP is doing in the Kyrgyz Republic in the framework of the implementation of the Sustainable Development Goals 2030.
In particular, the expert shared his vision of resolving the «credit problem». According to him, it is necessary to develop industrial production, a tourism cluster, replace imports with own production and not depend on imports.
He noted that a vulnerable situation is emerging in the financial market now, the securities market is underdeveloped.
The minister noted that Kyrgyzstan is carefully studying all possible options and recommendations for debt stabilization, manageability and forecasting. A program for the development of the country for the next 5 years has been developed, within the framework of which it is planned to carry out reforms in priority sectors of the economy, including energy, agro-industrial complex, tourism and industrialization of the country. A Stabilization Fund has been created with a budget of 17-18 billion soms. Thus, the Kyrgyz Republic can cover social financial obligations within three months.
The minister noted that the funds received from mining, and the income of the National Bank of the Kyrgyz Republic will be accumulated.
Daniyar Amangeldiev shared his plans to create an industrial fund, a tourism development fund, informed about an agreement with the Hungarian side to create a Hungarian-Kyrgyz Development Fund. According to him, those events that can attract real resources and develop the real sector of the economy are relevant now.
