TOPIC OF THE WEEK: Kyrgyzstan looking to tap international markets

CAUCASUS / CENTRAL ASIA - Report 07 Feb 2025 by Ivan Tchakarov

Kyrgyzstan has made news recently, having announced its intention to issue sovereign bonds worth US$1.7bn for the first time in its history. This would be a significant financial move for Bishkek given the size of its economy (US$17bn in 2024). It is aimed at diversifying funding sources and reducing its reliance on loans from China, which currently account for a substantial portion of its public debt. The Finance Ministry has indicated that the bonds will be issued in Hong Kong.

Given that Kyrgyzstan rarely appears in financial news and is not very well known from an economic perspective, I have provided a detailed macro teach-in, in slide format, that will be useful for those who would like to familiarize themselves with the basics of the Kyrgyz economy. This slide presentation covers various topics, including growth, economic structure, inflation, rates, external position, currency, public debt and political underpinnings, among others. Even though the focus is on Kyrgyzstan, I have positioned the country within the coordinate system of the Caucasus and Central Asia for a cross-country perspective.

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