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Kyrgyzstan Faces Mounting Debt Pile

Kyrgyzstan’s President Almazbek Atambayev (right) meets with Finance Minister Adylbek Kasymaliev in July 2016 to discuss the nation’s budget, including efforts to increase revenues and control expenditures. An International Monetary Fund official warned on September 28 that the rate of increase in the country’s debt burden is worrisome. (Photo: Kyrgyz Presidential Press Service)

An International Monetary Fund official is sounding the alarm over Kyrgyzstan’s rapidly mounting pile of sovereign debt.
 
In mid-September, the Finance Ministry revealed that the national debt has risen, in dollar terms, to $4.07 billion. Officials have said that although the debt-to-gross domestic product ratio is 68 percent in terms of Kyrgyz som, it is a markedly lower 60 percent in dollar terms — a data point regularly provided by way of reassurance.
 
But as Edward Gemayel, who has headed several IMF missions to Kyrgyzstan, pointed out on September 28, the rate of increase in the country’s debt burden is worrisome.
 
News website Knews.kg cited Gemayel as saying Kyrgyzstan’s sovereign debt has soared in the past few years from around 43 percent of debt-to-GDP to its current level of 70 percent — a figure greater than allowed for by Kyrgyz officials.
 

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Kyrgyzstan Faces Mounting Debt Pile

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