President of Kyrgyzstan supports the idea of joining HIPC program
"We do not deny existence of a colossal foreign debt. Provided the terms are reasonable, I'm prepared to back the initiative of joining HIPC," President of Kyrgyzstan Kurmanbek Bakiyev told James McHue of the IMF Kyrgyz mission.
Cooperation between Kyrgyzstan and the International Monetary Fund was discussed at the meeting. Kyrgyz leaders contemplate the idea of joining HIPC, a program launched by the World Bank and International Monetary Fund to ease the burden of foreign debts on the budgets of the poorest countries. Successful participation in the program will diminish foreign debts of Kyrgyzstan by $800 million or 40%.
"Before making the decision, however, we should study all pros and cons of HIPC. Everything depends on the terms that will be offered us," Bakiyev said. He added that the matter was widely discussed by the general public which was normal for democratic society.