Kyrgyzstan is capable of repaying its entire external debt in a single day if necessary, but doing so would be economically impractical, President Sadyr Japarov said while speaking at the Zhogorku Kenesh.
The head of state noted that the country’s economy is growing steadily and that the level of external debt has significantly decreased. While it stood at 54 percent of GDP in 2020, it is now around 25 percent.
«There is no danger to the economy. We could repay the external debt in one day, but it would be unprofitable — interest rates would be higher, and penalties will be incurred. By 2035, we will easily settle the loans we previously took,» Sadyr Japarov said.
The president also reported that Kyrgyzstan’s gold and foreign currency reserves exceed $8.5 billion, compared to just over $2 billion five years ago.
According to the latest data, Kyrgyzstan’s total public debt stands at $8.6 billion, of which approximately $5.2 billion is external borrowing.
