Kyrgyzstan’s Economy Ministry Pays 31 Million Soms to Rating Agencies in 2024
The Ministry of Economy and Commerce of Kyrgyzstan paid a significant amount for the services of international rating agencies last year, totaling 31,963.2 million soms. This investment was made in order to boost the country’s investment potential in the international arena and attract investment capital for strategic infrastructure projects.
Specifically, the Ministry paid Moody’s $178,300, Standard and Poor’s $45,000, Fitch €66,250, and Oppenheimer Europe Ltd. 60,000 pounds sterling for services related to assigning and upgrading the long-term issuer default rating of Kyrgyzstan. These efforts aimed to increase the country’s ability to enter international debt and equity capital markets.
In 2024, the Ministry was allocated 414.5 million soms from the republican budget, with the revised budget exceeding the approved amount by 83.3 million soms. A portion of this additional funding was allocated to pay for international rating agencies services, replenish development and incentive funds, pay utility bills related to moving to a new building, and cover current expenses for various initiatives.
Overall, the Ministry of Economy also allocated funds to the Department of Tourism, the state institution Center for the Development and Promotion of Kyrgyz Export, and for the purchase of a trade pavilion in Termez International Trade Center. Additionally, there was an increase in staff numbers, requiring additional funds for salaries.
These financial decisions reflect the government’s commitment to strengthening economic systems and promoting investment opportunities in Kyrgyzstan.
