The bill on ratification of the protocol to the agreement on paying off Kyrgyzstan’s debt to Russia on previously granted loans, signed on June 20, 2017, was approved in the second reading.
Earlier it was reported that the debt to Russia since gaining independence until 2012 was $ 488.9 million. In 2013, $ 188.9 million was written off. Debt of $ 300 million was paid in installments. For 2016-2017, $ 60 million had been written off. And we still had to pay $ 240 million.
After ratification of the protocol, Kyrgyzstan will have its existing debt to the Russian Federation canceled. One-time writing-off of $ 240 million debt will reduce the level of state external debt to GDP by 3.8 percent.