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Kyrgyzstan ratifies agreement with Russia on debt write-off.

President Kurmanbek Bakiev on Tuesday signed the Law on Ratification of the Agreement between the Governments of Kyrgyzstan and Russia on in kind redemption of a part of Kyrgyzstan's debt to Russia and remaining debt write-off entered on 3 February 2009 in Moscow, reported president's press office.The agreement was signed in view of a difficult financial situation of the Kyrgyz Republic to further strengthen friendly ties and to develop mutually beneficial cooperation between the two countries.As of 1 January 2009, Kyrgyzstan owes US$193,561,458.33 to Russia.A part of the debt of the Kyrgyz Republic to Russia will be redeemed through hand over of 48% stake in Dastan Transnational Corporation worth US$19,405,624.86 and the building occupied by the Russia Trade Office (with the right to use it for free for 49 years with further prolongations) to Russia.

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Publication:AKIpress News Agency
Date:Feb 11, 2009
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