According to analysts' information, the funds raised from the issuance of eurobonds were used for the recapitalization of JSC "Eldik Bank." In turn, this bank invested these funds in 15-year government short-term obligations with an interest rate of 3% per annum amounting to 60 billion soms (about $700 million) in the primary market.
As a result, domestic debt increased by 4.6% and accounted for 16.7% of GDP. The total amount of the country's debt reached 44.6% of GDP, as noted in the fund's report.
Photo on the main page: AFP / VANDERLEI ALMEIDA.
