The Ministry of Economy and Commerce of Kyrgyzstan paid 31,963.2 million soms for the services of international rating agencies last year. Explanatory note to the draft republican budget for 2025 says.
«The Ministry of Economy paid Moody’s $178,300 for services; to Standard and Poor’s — $45,000; Fitch — €66,250; Oppenheimer Europe Ltd. — 60,000 pounds sterling for the purpose of initially assigning and upgrading the long-term issuer default rating in national and foreign currencies (sovereign credit rating) of Kyrgyzstan in international rating agencies, further increasing the country’s investment potential in the international arena and entering the international debt and equity capital markets, attracting investment capital for the implementation of strategic infrastructure projects,» the note says.
In total, in 2024, the ministry was planned to be allocated 414.5 million soms from the republican budget, but the revised budget exceeded the approved one by 83.3 million.
At least 31.9 million out of the additional 83.3 million soms were allocated to pay for the services of international rating companies, 36.5 million were used to replenish the development and incentive fund, 6.5 million — to pay off utility bills in connection with moving to another building.
The Ministry of Economy transferred 5.5 million soms to the Department of Tourism and the state institution Center for the Development and Promotion of Export Kyrgyz Export to cover current expenses, including for the 13th meeting of the Ministers of Trade and Economy of the Turkic states, as well as for the celebration of the 100th anniversary and the day of the formation of the economic system bodies. At least 3.8 million soms were spent on the purchase of a trade pavilion in Termez International Trade Center. At least 1.8 million was additionally required due to an increase in staff number by four people.
