China may lose its status as Kyrgyzstan's main creditor

Kyrgyzstan is gradually reducing its dependence on Chinese loans—for the first time in recent years, the share of the Export-Import Bank of China in the structure of external debt has fallen to one-third. These figures are given in the Ministry of Finance report as of August 31.

The country's total public debt amounted to 755.6 billion KGS, or $8.65 billion. Of this, external debt amounted to $5.23 billion (60.5% of the total), and domestic debt amounted to $3.42 billion (39.5%).

Kyrgyzstan's main creditor, the Export-Import Bank of China, holds $1.59 billion in the country's debt portfolio, or about 30% of its external debt. However, the share of Chinese funds is declining; previously it exceeded 40%, but now it is gradually evening out due to increased cooperation with international institutions and domestic borrowing.

In terms of borrowing, the International Development Association (World Bank) with $815 million and the Asian Development Bank with $794 million are gradually catching up with China.

And the Eurasian Fund for Stabilization and Development, to which Kyrgyzstan owes $258 million, has already surpassed the International Monetary Fund ($238 million) in terms of lending to the republic.

Thus, the structure of external debt is becoming more balanced.