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President approves writing-off of Kyrgyzstan's debt to Russia

Sooronbai Jeenbekov signed the law on ratification of the protocol to the Agreement on the settlement of Kyrgyzstan’s debt to Russia on previously granted loans. Information Policy Department of the President’s Office reported.

According to it, the purpose of the ratified protocol is the settlement of the Kyrgyz Republic’s debt to the Russian Federation on previously granted loans.

The law was adopted by the Parliament of the Kyrgyz Republic on November 2, 2017.

The agreement dated September 20, 2012 settled (by writing off) the debt of the Kyrgyz Republic to the Russian Federation in the amount of $ 488.9 million. On May 22, 2013, the Russian Federation made an actual writing-off of the debt in the amount of $ 188.9 million. The remaining amount of debt — $ 300 million was to be written off within 10 years.

As of April 30, 2017, the loan balance of the Kyrgyz Republic’s to Russia is $ 240 million.

Implementation of the protocol will allow early annul the current debt to Russia.

The law comes into force from the date of its official publication.