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Kyrgyzstan: Eurobonds Not Expected This Year

Kyiv, 9 May 1998 (RFE/RL) -- Kyrgyzstan's central bank chief Marat Sultanov said today his country is not likely to issue Eurobonds in the near future. His remarks contradict an announcement earlier this year that Bishkek would issue $200 million to $300 million in Eurobonds in 1998.

Sultanov told delegates at the board meeting of the European Bank for Reconstruction and Development (EBRD) meeting in Kyiv that he is convinced Eurobonds would not be a profitable way of borrowing for his country at present. Eurobonds are short-term debt instruments which allow governments to borrow money from investors in the international financial markets.

Concerning the country's reforms goals, Sultanov said the government was concentrating on selling off the power industry, the national airline and some gold-mining operations. He also said the sale of the state's telecommunications company is under consideration.

He said Bishkek's most important economic goal is to become a member of the World Trade Organization.