March 23, 2020 / 8:44 AM / 6 days ago

UPDATE 1-Kyrgyzstan in talks to restructure foreign debt -deputy PM

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BISHKEK, March 23 (Reuters) - Kyrgyzstan is in talks with creditors to restructure its sovereign foreign debt, Deputy Prime Minister Erkin Asrandiyev told a briefing on Monday, commenting on the impact of the coronavirus outbreak and the global economic downturn.

Asrandiyev provided no details about the talks, but said the Central Asian nation has also requested aid from international donors to combat the spread of coronavirus.

Kyrgyzstan has about $4 billion in outstanding foreign debt and among its main creditors are the Export-Import Bank of China, the World Bank, and the Asian Development Bank.

The former Soviet republic’s economy depends heavily on remittances from Kyrgyz migrant labourers working in Russia. The Kyrgyz som currency has come under pressure this month after the Russian rouble plunged on the drop in oil prices. (Reporting by Olga Dzyubenko Writing by Olzhas Auyezov Editing by Catherine Evans)

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