ОСНОВЫ НОРМОТВОРЧЕСКОГО РЕГУЛИРОВАНИЯ ГОСУДАРСТВЕННОГО ДОЛГА В КЫРГЫЗСКОЙ РЕСПУБЛИКЕ

Abstract

Currently, one of the main problems facing the Kyrgyz Republic is servicing the state external debt. Over the past 30 years of independent development, the republic has increased its external debt from zero to $ 5 billion, having fallen into a vicious circle of economic contradictions: the excess of expenditures over budget revenues forms a budget deficit, which is covered by state external borrowings, which, in turn, leads to an increase in the costs of servicing them. Not only the total amount of the state external debt of the Kyrgyz Republic is very significant, but also its growth rate, as well as the growth rate of expenses for its repayment. Servicing external borrowings diverts a large amount of scarce resources that are so necessary for the development of the economy in its transformational state. A significant problem remains the development of institutional frameworks, such as legislative regulation, state monitoring and organizational frameworks. In the domestic economic literature, the problem of state debt remains practically unexplored. First of all, there is no comprehensive study of this problem, both at the state level and at the level of the scientific community. In this regard, the presented work is an attempt to study the regulatory legal acts regulating the state external debt. The theoretical and practical significance of the work lies in the fact that it is a scientific study of one of the urgent problems of our time related to the functioning of external debt.