Beruflich Dokumente
Kultur Dokumente
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I. Background: Public Debt in the Kyrgyz
Republic
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Financing of Structural Reforms in the
Kyrgyz Republic by International Finance
and Credit Institutions
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II. Goals of Public Borrowings
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III. Kyrgyz Republic: Public Debt
Structure
(as of 31.12.2008)
Public debt of the Kyrgyz Republic totaled
2 319 395 thousand USD, out of which:
(thousand USD)
Bilateral concessionary 414 567
Bilateral non-concessionary 259 594
Multilateral concessionary 1 446 191
Multilateral non-concessionary 1 020
Contingent liabilities 6 513
Domestic debt 191 510
→ % of GDP - 45,3%
Note: Discount rate of the National Bank: 1 USD = 39.4181 soms as of 31.12.2008
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Kyrgyz Republic: Public Debt
Structure
31.12.2008
M ultilate ral
conce s s ionary
62.35%
Dom e s tic de bt
8.26%
Bilate ral
conce s s ionary
17.87%
Bilate ral
non-conce s s ionary
11.19%
Continge nt M ultilate ral
liabilitie s non-conce s s ionary
0.28% 0.04%
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Динамика освоения внешнего долга
300
250
млн.долл.США
200
150
100
50
0
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
годы
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Debt currency profile as of the end
of 2008
(million USD equivalent and percentage)
9,14
0,4%
87,66 SDR
3,8%
USD
Local currency
1 396,78
38,38 KWD
60,2%
1,7% 303,08
13,1% KRW
JPY
ID
13,58 191,51
8,3% EUR
0,6% 262,68
11,3% CNY
16,59 9
0 7%
Macroeconomic indicators
45% 140,0%
40%
120,0%
35%
100,0%
30%
25% 80,0%
20% 60,0%
15%
40,0%
10%
20,0%
5%
0% 0,0%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Inflation GDP growth Public debt/GDP
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Allocation of External Assistance
in 2008
Agreed amount % of the
№ Sector million USD total
120,00
100,00
80,00
Domestic Debt
Bilateral Debt
млн.USD
Multilaterral Debt
60,00
40,00
20,00
-
09
11
13
15
17
19
21
23
25
27
29
31
33
35
37
39
41
43
45
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
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Public Debt Service and
Disbursement in 2008
(million USD)
Interest 25.7
External debt 16.3
Domestic debt 18.9
Principal 87.6
External debt 31.4
Domestic debt* 63.5
Disbursements 116.9
External debt 95.1
Domestic debt* 67.0
*contains items that are borrowed and repaid
several times within the year (e.g. 3,6 months T-
bills)
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External Debt Sustainability
Indicators
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IV. Key regulatory legal acts regulating
public debt management
We have a legal framework for public
debt management
LAW OF THE KYRGYZ REPUBLIC
«On Public and Non-public Debt of the Kyrgyz Republic»
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V. Why the Issue of the External
Debt Became so Relevant?
Economic reforms in the Kyrgyz Republic, - mainly financed
at the expense of external borrowings, - were aimed at
implementation of the Public Investment Program,
structural reforms and covering the budget deficit.
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Debt restructuring under the
Paris Club in 2002
Main objective of the Paris Club -1:
Resolution of the medium-term liquidity problem
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Debt Restructuring under the
Paris Club in 2005
Main objective of the Paris Club-2:
Settlement of the solvency problem for the medium-term period
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Medium-term Public Debt
Management Strategy
debt;
Implementation and strengthening of Risk Management
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DSA. EXTERNAL DEBT SUSTAINABILITY ANALYSIS
The Kyrgyz Republic is rated as a medium
performer based on the World Bank’s
Country Performance and Institutional
Assessment Index for low income countries.
The relevant policy-dependent thresholds
for countries in this category are 40 percent
for the PV of the debt-to-GDP ratio, 150
percent for the PV of debt-to-exports ratio,
250 percent for the PV of debt-to-revenue
ratio, 20 percent of the debt service-to-
exports ratio, and 30 percent of the debt
service-to-revenue ratio.
Source: from most recent IMF/WB DSA 22
A. Baseline
The baseline scenario points to a cautiously favorable
improvement in the external debt outlook over time.
Already by end-2008, the PV of debt-to-exports and the PV of
debt-to-revenue ratios, at 43 and 94 percent respectively, were
well below their policy-based indicative thresholds.2 Only the PV
of PPG debt-to-GDP ratio, at 27 percent, is closer to its relevant
threshold of 40 percent in 2008. Over the DSA horizon, all debt
ratios move steadily on a downward path underpinned by
steady growth, fiscal consolidation, and prudent debt
management.
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Debt service is expected to remain manageable
throughout the DSA horizon. This reflects the high
concessionality of both the outstanding multilateral debt and the
assumed new borrowing over the medium term. The PPG debt
service ratio would increase slightly from 3.5 percent of exports
(5.3 percent of revenues) in 2008 to 7.5 percent of exports
(11.4 percent of revenues) in 2029, driven by less-concessional
new borrowing and the repayment of the previously
restructured bilateral debt.
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Thank you for the attention!
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