Kyrgyzstan's President, Sadyr Japarov, addressed the country's external debt situation on his Facebook page, highlighting the progress made during his tenure. He pointed out that from the time of Kyrgyzstan's independence until 2020, the country's public debt had accumulated to around $5bn.
"The full repayment of this debt with interest coincides with the duration of my and my team's tenure. Despite the budget deficit, the pandemic and post-pandemic crisis, as well as the current crises in the world, we have always paid on time," states the president on his social media page.
He expressed confidence that as long as peace and stability continue in the country, they will have the necessary resources to meet their debt obligations. Japarov attributed this capacity to several factors, such as tripling the budget size compared to 2020. He also claimed significant progress in reducing corruption, which has led to budget growth.
The President reminded the public of the concerns in 2019 about how to manage the external debt, emphasizing the importance of keeping up with payments to safeguard the nation's lands. He emphasized that this concern no longer exists, and instead, they are increasing wages, pensions, and benefits while continuing to pay down the external debt. The country is also investing in strengthening its military.
Japarov cited impressive investments in modern technology, amounting to around $2bn over the past two years. He noted ongoing construction projects, including roads, schools, kindergartens, railways, major hydroelectric power stations, and airports. The government has also procured four domestic flight aircraft and 1,000 buses.
The President acknowledged that the peak of external debt repayment is approaching in 2024, and he stressed the importance of covering this debt with the country's own budgetary resources. He lamented that in the past, some of the debt was managed by taking out new loans or grants, which diverted funds away from other important projects. Japarov concluded by emphasizing the significance of self-reliant debt coverage for Kyrgyzstan's financial stability and future development.
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