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Kyrgyzstan Taming Government Debt Problem - Moody's

Kyrgyzstan will get its debt burden under control this year, the New York-based Moody’s rating agency said in a new report.

WASHINGTON (Sputnik) — The Kyrgyz government recently devalued its national currency, the som, but the country enjoys favorable terms for its government debt, which is denominated in more stable foreign currencies, while low interest payments and long debt maturity also limited risk, Angonin explained.

Kyrgyzstan's Prime Minister Temir Sariyev (2nd R) speaks during a meeting with Chinese Premier Li Keqiang (2nd L) in the Great Hall of the People in Beijing on December 16, 2015 - Sputnik International
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“The Kyrgyz Republic's (B2 stable) debt burden will stabilize in 2016, and the government's debt affordability remains manageable,” Moody's stated in an announcement accompanying the release of the report on Thursday.

The Kyrgyz debt burden soared to an estimated 68 percent of GDP at the end of 2015, from 54 percent in 2014, Moody’s acknowledged in the report.

“[T]he country's reliance on volatile gold production as well as remittances and trade with Russia constrain its economic strength. Nonetheless, we expect growth to pick up to 4.8 percent in 2016 from a low of 3.5 percent in 2015,” Moody’s analyst Mathias Angonin said in the announcement.

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