President of Kyrgyzstan Sadyr Japarov instructed the government not to allow the country's total public debt to exceed 50 percent of the gross domestic product. He announced this on July 21 on his Facebook page.
According to the President, by 2020, Kyrgyzstan's external debt had reached nearly 120 percent of the country's GDP. Currently, this figure stands at 39 percent.
Japarov stated that the loans being attracted to the country are directed to specific projects and their use is strictly controlled.
"Today, every loan attracted does not disappear without a trace as it did in previous years," said the President.
He noted that projects implemented using borrowed funds should, in the future, provide an opportunity to independently repay the funds spent.
While noting that in some countries public debt exceeds 100 percent of GDP, the leader of Kyrgyzstan emphasized that the country should not take this indicator as a benchmark for itself.
For reference, according to Uzbekistan's legislation, the maximum amount of public debt must not exceed 60 percent of GDP.
