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EEC develops measures to ensure debt sustainability of Kyrgyzstan

«To reach the indicators of the pre-pandemic period, the Eurasian Economic Commission, together with the countries of the Union, developed measures aimed at ensuring the debt sustainability of Kyrgyzstan, which we are planning to approve today,» the President of Kyrgyzstan Sadyr Japarov said at a meeting of the Supreme Eurasian Economic Council.

According to him, a gradual but confident trajectory of the economic recovery is observed now in the EAEU states. For example, following the results of nine months, there has been an increase in the all-Union gross domestic product by 4.5 percent, as well as in mutual trade by 32 percent.

«But this does not mean at all that all our countries will reach the pre-pandemic level. The Kyrgyz Republic, after last year’s economic decline by 8.9 percent, expects it to increase by the end of the year by only 3.2 percent. At the same time, the level of the budget deficit is expected at the level of 1.3 percent of GDP, and the external debt will remain high. The current crisis and its detrimental effect on the economy of the entire Union, including an increase in poverty, a reduction in the number of jobs and a growing development gap, undoubtedly require special attention of our integration association to the issue of sustainable economic development. It is necessary to jointly introduce effective mechanisms to support the implementation of cooperation projects,» the head of state said.

He called on the EAEU countries to create a logistics infrastructure and commodity distribution systems that will have a positive impact on increasing the volume of exports of goods and the development of economies in general. He is sure that such systems should be accompanied by modern digital services in the field of trade, transport, sanitary, veterinary and phytosanitary regulation, as well as customs control.

«At the same time, use of foreign currency in mutual settlements continues to be one of the circumstances increasing the impact of the crisis on the economies of the member states. In the context of the growing influence of external inflationary factors and in order to increase the competitiveness of our economies, it is necessary to more actively use the national currency in calculations. The Eurasian Economic Commission, together with the governments of our countries, needs to prepare specific proposals on this issue,» Sadyr Japarov concluded.