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Russia Writes Off $240 Million Of Kyrgyzstan's Debt

Wednesday, June 21, 2017 - 17:54

Russia has written off $240 million of Kyrgyzstan's debt. This was done in accordance with the document signed by the head of the Ministry of Finance of the Russian Federation, Anton Siluanov, and the Minister of Finance of Kyrgyzstan, Adylbek Kasymaliev. This protocol is an addition to the agreement on the settlement of Kyrgyzstan's debts, which was concluded by the parties on September 20, 2012.


Russia conducts the current debt cancellation as part of the “official development assistance to Kyrgyzstan.” During the first half of 2016, Russia wrote off $30 million of the republic's debts. By the end of 2016, Kyrgyzstan's debt decreased to $270 million.


As of March 30, 2017, Kyrgyzstan's debt amounted to $240 million. In accordance with the current protocol, this amount is expected to be fully written off.


Over the past 11 years, Russia has written off a total of $703.2 million of Kyrgyzstan's foreign debt. In the framework of the Paris Club, $184.3 million was restructured and written off in 2005, and another $488.9 million in the period 2005-2015.


According to President of Kyrgyzstan Almazbek Atambayev, during his visit to Moscow and the meeting with President Vladimir Putin, Russia provided very significant financial assistance to the republic. This assistance included signing a protocol on the cancellation of all the remaining debts of Kyrgyzstan to Russia. “One of the main achievements during my presidency is that our relations with Russia have been directed in the channel of friendship, brotherhood and strategic partnership,” the Kyrgyz president stressed.


Russian President Vladimir Putin stressed that Russia would continue to provide financial assistance to Kyrgyzstan. In order to support the republic's budget, the Russian side annually provides $30 million.

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