Bishkek, May 16, 2022 / Kabar /. The Kyrgyz Parliament’s Committee on Budget, Economic and Fiscal Policy considered and approved the draft Agreement on debt conversion between the Cabinet of Ministers of the Kyrgyz Republic and the German Development Bank KfW.
Deputy Finance Minister of Kyrgyzstan Ruslan Tatikov said that the German side asked to send EUR 14.9 million from the budget to the State Mortgage Company.
“This payment will be divided into three years at EUR 5 million. And as a result, the German bank will write off this debt. They asked to consider this agreement as soon as possible because the first payment falls on June of this year,” he said.
Tatikov noted that the State Mortgage Company will allocate funds for mortgage security, which is issued to citizens, except for residents of Bishkek and Osh.