External Debt Not a Problem, Says Kyrgyzstan PM on New vs. Old Loans

Kyrgyzstan's external debt does not pose a problem for the nation, according to Prime Minister Adylbek Kasymaliyev. He clarified that the significance of external debt lies not in its absolute amount, but in its proportion relative to the country's Gross Domestic Product (GDP).

Kasymaliyev drew a stark contrast between the current fiscal landscape and past administrations. He used an analogy, stating that if one had 100 som in their pocket during Askar Akayev's presidency and owed 120 som, it was a significant debt. However, he explained that with 100 som now, the debt is only 39 som, indicating a much healthier financial position.

The Prime Minister further elaborated that previous loans did not result in the completion of major projects, with funds allegedly being embezzled or squandered. In contrast, he asserted that current borrowings are channeled into substantial projects that are projected to generate their own revenue, thereby avoiding additional strain on the national budget.

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Now our GDP has reached 2 trillion som. Imagine that in the time of Askar Akayev, you had 100 som in your pocket, and the debt was 120 som. And now, if you have 100 som in your pocket, your debt is only 39 som.

Kasymaliyev highlighted that the situation was indeed challenging before 2020, with a state budget deficit of 20 billion som and a GDP of only 640 billion som. This made external debt repayment a significant concern. However, he confidently stated that this problem no longer exists and is not expected in the future.

As of the end of 2025, Kyrgyzstan's state debt stood at 39% of its GDP. The cabinet's projections indicate that this figure will not exceed 60% by 2030, further underscoring the government's management of its financial obligations.

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Before 2020, the situation was indeed difficult. The state budget deficit was 20 billion som, and the GDP was only 640 billion som. Therefore, there was indeed a problem: how to pay off external debt. Today, there is no such problem, and it is not expected in the future.