Law on abolition of all Kyrgyzstan’s debt to Russia signed

Law on abolition of all Kyrgyzstan’s debt to Russia signed

President of Kyrgyzstan Sooronbai Jeenbekov signed a law of the Kyrgyz Republic on ratification of the protocol to the agreement between the Governments of Kyrgyz Republic and Russia on settlement of the debt of the Kyrgyz Republic to Russia on loans borrowed from September 20, 2017 signed on June 20, 2017 in the city of Moscow, AKI Press reported citing the President’s press service.

The law was adopted by the Parliament of Kyrgyzstan on November 2, 2017.

The ratified protocol is aimed at regulation of the debt of the Kyrgyz Republic to Russia on previously granted loans. The agreement dated September 20, 2017 proposed abolition of the debt in the amount of $488.9 million of the Kyrgyz Republic to Russia.

On May 22, 2013, Russia wrote off $188.9 million debt of the Kyrgyz Republic. The remaining amount of the debt – $300 million – were to be written off within 10 years from 2016 to 2025 per $30 million annually. In 2016-2017, $60 million debt have been abolished.

As of April 30, 2017, the rest of the debt of Kyrgyzstan to Russia stands at $240 million. Implementation of the protocol allows writing off the existing debt to Russia ahead of schedule. The law comes into force from the day of the official publication.

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