China proposes to prolong Kyrgyzstan’s debt for 4 years

Bishkek, Nov. 25, 2020. /Kabar/. Kyrgyzstan has agreed with China on prolongation of foreign debt, Acting Prime Minister of the Kyrgyz Republic, First Deputy Prime Minister Artem Novikov said at today’s meeting of the Jogorku Kenesh. He said China offered to prolong the debt for 4 years with a breakdown by tranches. "China proposes to set the interest rate at 2%. In general, this is maintained at the level set by the government parameters. Overpayment on this amount will be KGS 2.9 billion," he said. Novikov noted the main debt of Kyrgyzstan falls on China, while the amount of debt to other countries is insignificant. Since 2008, Kyrgyzstan has received ten large loans from the People’s Republic of China, which now account for its debt: seven for road construction and three for energy security. Together with interest, Kyrgyzstan’s debt to China makes $ 2 billion 256 million.