Kyrgyzstan’s state debt approaches 58% of GDP

By RIA Novosti

Bishkek : Kyrgyzstan’s state debt exceeded $2.28 billion, or 57.9% of GDP as of late 2007, the Finance Ministry said on Tuesday.

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The ministry said almost 12% of budget spending this year will go to paying off foreign debt, which exceeds $2 billion, and the $203 million internal debt.

The 2008 budget of the ex-Soviet republic envisages a nominal GDP of $4.4 billion, with GDP growth and inflation forecasts at 6.7% and 12%, respectively.

Budget revenue is expected at $1.1 million, or 25% of GDP, and expenditure should be equal to 25% of the republic’s GDP in 2008.