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Kyrgyzstan Review, 10 years ago




[08.10.23] Kyrgyzstan Cuts Foreign Debt Payments in 2003

Kyrgyzstan has signed agreements with nine of the 12 Paris Club creditors, said Finance Ministry Bolot Abildaev at an Upper House meeting Tuesday. It has agreements with France, Denmark, Germany, Russia, Turkey, China, Japan, South Korea and Uzbekistan.
 
Agreements are about to be signed with India and Pakistan, the minister added. "The only country with which negotiations continue is Kuwait."
 
Before restructuring, Kyrgyzstan was due to pay $89 million in 2002, $59 million in 2003, and $60 million in 2004, but restructuring will bring the payments down to $12 million in 2002, $19 million in 2003 and $13.5 million in 2004.
 
The minister expects talks with all creditors to be completed in December 2003, after which a final foreign debt restructuring agreement will be signed.
 
Foreign debt currently stands at $1.642 billion.
 
Interfax, October 08, 2003

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