• KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 19

Kazakhstan’s Foreign Debt Inches Upwards

The external debt of Kazakhstan has reached $161.9 billion, an increase of $1.3 billion over the past year to October 2023, according to the National Bank of Kazakhstan. The main creditors of Kazakhstan are the Netherlands ($42.5 billion), Great Britain ($14 billion), international organizations ($13 billion), Russia ($12.5 billion), the USA ($11.3 billion), France ($11.2 billion), Bermuda ($9.4 billion), and China ($9.2 billion). Considering the structure of Kazakhstan's external debt as a whole, the bulk of loans is occupied by inter-company debt ($92.2 billion), obligations of other sectors ($44.4 billion), Government bodies ($12.5 billion), the banking sector ($10.6 billion), and the National Bank ($2.1 billion). According to the latest data, the volume of total external debt of all countries in the world by the end of 2022 reached a record $92 trillion. As of April of last year, the countries with the highest national debt in the world were considered to be the U.S.A. ($29.46 trillion), Japan ($13.05 trillion), China ($10.12 trillion), France ($3.3 trillion), and Italy ($3.17 trillion). In terms of its debt to GDP ratio, Kazakhstan ranks in a respectable 148th position with a debt to GDP ratio of 27.4% as compares to first place Japan, which has a debt to GDP ratio of 262%. Earlier, the Ministry of the National Economy of Kazakhstan proposed setting a limit on the external debt for 2024 for Samruk-Kazyna and the national holding, Baiterek - the two companies which most often borrow from other countries. This limit would be in the amount of almost $12.5 billion for Samruk-Kazyna, and just over $5 billion for Baiterek. In spring of the last year, President Tokayev declared that for Kazakhstan to reach the category of countries with high level incomes, the economy of the country would need to grow 6% annually. As of November of last year, this indicator was at 4.9%.

Kyrgyzstan’s Debt to China: Another lever of Influence?

Stagnation of the world’s economy, decreasing international trade and growing inflation put the spotlight on the issue of returning Kyrgyzstan’s foreign debt, a large part of which is owed to China. The debt is to be repaid sooner or later, but it would make the country sacrifice either its facilities or territory. In both cases, it is a blow on the country’s sovereignty. Historically, China has been a creditor of countries with high corruption levels, unstable political systems, and nontransparent economies. For instance, Brunei, Namibia, Congo, and Papua New Guinea all have a “hidden” debt to China — more than 10 percent of GDP. Kyrgyzstan’s foreign debt now stands at $5 billion, including $4 billion to China. For comparison, in 2008 Kyrgyzstan’s debt to China was $10 million. Unlike international financial organizations, such as the IMF and World Bank, China gives loans to Kyrgyzstan on commercial terms that are not disclosed. The existing debt does not prevent the Kyrgyz government from taking new loans, which leads to increasing debt burden. In Kyrgyzstan, China has financed mainly infrastructure projects, showing more interest in the water and energy sector — one of the main economic and strategic resources of the country. It is not surprising, as in today’s world access to water resources gives additional levers of influence. A potential project in this sector is construction of the bypass Chui canal-2 and Buruldai reservoir with a total cost of about $140 million. The project’s economic feasibility, its possible environmental impact and other aspects require a comprehensive analysis. Anyway, the project’s implementation would increase the country’s debt burden and give China yet another lever of influence on Kyrgyzstan. Such projects are not just a matter of money, debts and commitments but also social stability, given the history of relationships between local Kyrgyz population and Chinese investors (for instance, a mass brawl with stoning at Soltan-Sary deposit). A good example of Beijing using its “soft power” is neighboring Tajikistan, 40 percent of whose $3.2 billion foreign debt belongs to China. Beijing also grants payment deferments on its loans. In exchange, Tajikistan has given thanks to China by ceding 1.1 thousand square kilometers (0.77 percent of its territory) to China in a 2011 border demarcation, supporting China at UN votes, and allowing Chinese companies develop nearly 80 percent of Tajik gold deposits. With the above in mind, Kyrgyzstan has to think twice before taking new Chinese loans.

Kyrgyzstan: Tax revenues declining, unemployment and poverty persist

BISHKEK (TCA) — Kyrgyzstan has ensured macroeconomic and social stability and achieved GDP growth in the first four months of 2019, the Kyrgyz Economy Ministry reported. The GDP growth was 5.3%, and excluding enterprises developing the Kumtor gold field — 1.4%. Continue reading

Uzbekistan’s foreign debt on the rise

TASHKENT (TCA) — Uzbekistan's total external debt increased by 9.5 percent in 2018 from the previous year, reaching 17.3 billion U.S. dollars as of January 1, 2019, Xinhua news agency reported on March 31 with reference to the country's central bank. Continue reading

Can Central Asia countries pay their external debts?

BISHKEK (TCA) — The lower debt-to-GDP ratio, the better for a country’s economy. The level of external debt is among the most important competitiveness indicators, which shows how well a country copes with debt without harm to its financial system. Continue reading

Kyrgyzstan in 2018: Growing GDP and debt, decreasing investments

BISHKEK (TCA) — Favorable conditions for business have been created in Kyrgyzstan, President Sooronbai Jeenbekov said at a news conference on the 2018 results. Continue reading

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