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Economy of Kyrgyzstan unable to service its debt -- Defense Council's inspector.

The investment field in the Kyrgyz Republic is very narrow, Defense Council's inspector Alymbek Biyalinov said at a conference in Bishkek on November 13, reports Tazabek.

Narrowness of investment fields results in that private investments come rarely to Kyrgyzstan, often due to corruption, he said.

"All financial lows concentrate in Bishkek. The rest regions see few of them. The fundamental negative dependence of Kyrgyzstan is its dependence on import. We have adapted to the transitional economy, re-exporting Chinese goods to other countries. After we enter the Customs Union, nobody will allow us to continue doing that, since the borders will be closed," the expert said.

The national economy of Kyrgyzstan is unable to service its debts and to repay debts, Alymbek Biyalinov emphasized.

"The time will come when we will have to declare default and will find ourselves in debt crisis. The budget crisis problem is very serious with such weak economy as we have. Normal economy is unlikely to restore in our country, since credits are extended at 20-30% and lead to appearance of shadow economy," he underlined.

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Publication:AKIpress News Agency
Geographic Code:9KYRG
Date:Nov 13, 2014
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