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External debt of Kyrgyzstan grows by $84.4 million since 2020

The level of public external debt has grown by only $84.4 million since 2020. The Ministry of Finance of Kyrgyzstan reports.

As of December 31, 2020, the external debt of Kyrgyzstan was $4,217.45 billion, and as of February 28, 2022 — $4,301.84 billion. It is noted that funds received from Russia, the European Union and China are grants and in no way affect the country’s debt sustainability. In addition, under the terms of financial assistance from the World Bank and the Asian Development Bank, 50 percent of the amount is provided as a grant. Since the beginning of 2021, agreements have been signed with international development partners for $758.3 million. At least $291.5 million of the amount is a grant, and $466.8 million is the loan.

«The external financial assistance received from international organizations and countries has a time frame, starting from the strategic tasks that are reflected in the national development programs of the country. This is followed by a process of negotiations with donors, which takes from two to five years. All work on the preparation of projects signed during 2021 and early 2022 was carried out until 2021. The raised funds are aimed at solving strategic problems — economic development, development of regions, improvement of infrastructure, irrigation system. The money under these agreements has not been received in full, since the process of disbursement of funds takes from three to five years,» the Ministry of Finance said.