Kyrgyzstan's Public Debt Overview
Public debt is a critical indicator of Kyrgyzstan's financial stability, directly affecting its economic resilience and development prospects.
Domestic Debt
As of September 30, 2024, Kyrgyzstan's domestic debt amounts to 173 billion Kyrgyz soms (approximately $2.05 bln), representing 13.74% of the projected GDP for 2024. Its structure includes:
- Short-term securities: Government treasury bills (2.45 billion soms, $29.1 million).
- Long-term securities: Treasury bonds (170.5 billion soms, $2.03 billion) and obligations related to the "Eldik Bank" depositors' debt (34.3 million soms, $410,000).
External Debt
The country's external debt totals 384.1 billion Kyrgyz soms ($4.56 bln), equaling 30.52% of the projected GDP for 2024. Key segments include:
Bilateral Concessional Loans ($2.03 bln):
- Export-Import Bank of China: $1.66 billion.
- Japan International Cooperation Agency (JICA): $149.95 million.
- Saudi Fund for Development: $67.73 million.
- Others, including German, Turkish, Kuwaiti, and South Korean institutions.
Multilateral Concessional Loans ($2.46 bln):
-
International Development Association (IDA - World Bank): $746.6 million.
- Asian Development Bank (ADB): $725.1 million.
- International Monetary Fund (IMF): $377.5 million.
- Others include the Eurasian Development Bank (EDB), Islamic Development Bank (IsDB), and European Investment Bank (EIB).
Non-concessional Loans:
- European Bank for Reconstruction and Development (EBRD): $60.16 million.
Summary and Key Insights
As of late September 2024, Kyrgyzstan's total public debt is 557.2 billion soms ($6.6 bln), comprising 44.26% of the GDP. Notably, 69% of the debt is external, with the largest share owed to the Export-Import Bank of China, accounting for over a third of the external debt.
By international standards, the debt-to-GDP ratio remains moderate, providing room for manageable fiscal sustainability if current trends continue.
CentralasianLIGHT.org,
November 28, 2024