Kyrgyzstan's foreign debt increased by 53m dollars last year, reaching 1,731m dollars, the country's National Bank has said. The country's foreign debt was equal to 95.1 per cent of GDP at the beginning of the year. Most of the foreign loans, i.e. 88.6 per cent, were received under state guarantees.
The World Bank and the Asian Development Bank, as well as Japan and Russia, remain the country's major creditors. Understanding that almost 156m dollars will not return soon, Russia is setting up joint ventures in Kyrgyzstan quickly, first of all, in the defense complex.
The only quality commodity in the country, electricity, will also be sold. In accordance with an agreement signed previously, Kyrgyzstan will supply electricity to the Siberian Federal District. To increase power generation in the country, the Russians have voiced their willingness to take part in joint projects to build new electric power stations, in which Kazakhstan and China will also join.
Kyrgyz-Press International News Agency, June 04, 2003