Kyrgyz debt at 68.3% of GDP in 2015

By bne IntelliNews March 1, 2016

Kyrgyzstan’s national debt amounted to $3.81bn at the end of 2015, or 68.3% of GDP, up from 53.6% of GDP at the end of 2014, according to the latest figures by the Kyrgyz Finance Ministry.

The country’s debt burden increased by the significant depreciation of the Kyrgyz som by 28.87% y/y against the greenback in 2015, leading to a decline in debt servicing, which caused the accumulation of total debt as the country continued to borrow in to support growth and infrastructure spending in 2015. Debt grew by 4.9% y/y in 2015, the Finance Ministry said in a statement of February 4. The level of debt as a share of GDP matches the IMF’s forecast from September, when the IMF projected the country’s public debt to surge to 68% of GDP by the end of 2015, driven by currency depreciation as well as public investment in infrastructure. The government has set a target for public debt not to exceed 60% of GDP, which it failed to achieve when debt exceeded 64.1% of GDP in November.

The IMF also predicted that growing public investment would lead to a widening of budget deficit. The prediction was confirmed in June when the Finance Ministry announced its upward adjustments to its planned 2015 budget deficit at KGS25.1bn (€178.3mn), or 5.7% of GDP, up from KGS14.6bn, or 3.3% of GDP.

Foreign debt made up most of the national debt and stood at $3.606bn at the end of 2015, the figures show.

China’s Exim Bank stands as the country’s largest creditor with total outstanding credit worth $1.296bn at end-2015, followed by the World Bank’s International Development Association (IDA) with $639.3mn and the Asian Development Bank (ADB) with $575.4mn.

Related Articles

Speculation over a second downgrade grows as S&P drops outlook on Polish economy

Speculation that Poland could suffer a second downgrade of its sovereign rating at the end of the week intensified on January 10, as Standard & Poor’s lowered its estimates on economic growth. ... ... more

Head of Belarus' largest bank dismissed amidst corruption scandal

Sergei Pisarik has been dismissed from his post of chairman of the board at the largest bank in Belarus, state-owned Belarusbank, the lender's media office reported on December 21. ... more

Privat investigations: PrivatBank lending practices threaten Ukraine’s financial stability

The problems at PrivatBank, co-owned by oligarchs Igor Kolomoisky and Hennady Boholyubov, have forced the Ukrainian government to nationalise the country’s largest commercial bank, putting an ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss