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This Section is contributed by Kazkommerts Securities
October 1998
| Trends | The peak years in debt servicing are 1998 and 1999. The National Bank of Kazakhstan estimates showing a USD 540 million debt servicing and repayment schedule for 1998 with respect to the external debt guaranteed by the Government. This is a two-fold increase as compared to 1997 and makes up 2.4% of the GDP. The forecasts for 1999 include the repayment of the principal amount on a USD 200 million eurobond issue and on a number of other loans provided by international institutions, which total USD 740.9 million (3.3% of GDP 1999 f). |
| Outlook | The Government has postponed its third issue of eurobonds (USD 350 -500 million) planned for 1998 due to the deteriorating borrowing conditions on international capital markets. However, the small share of debt service obligations vis-à-vis GDP supports the Government’s cautious policy on avoiding foreign borrowing at high costs. |
debt servicing forecasts, by types of borrowers,
USD million
1996 |
1997 |
1998 e |
1999 f |
2000 f |
2001 f |
|
| Government external debt | 347.9 |
335.5 |
539.7 |
740.9 |
447.8 |
399.4 |
| Non-government external debt | 764.5 |
1538.7 |
1,458.6 |
1,235.1 |
1,200.0 |
1,200.0 |
| Total | 1,112.4 |
1,894.2 |
1,886.3 |
1,976.0 |
1,647.5 |
1,599.4 |
Source: National Bank of Kazakhstan
| © Kazkommerts Securities 1998.
Please cite source when quoting. This report has been prepared by Kazkommerts Securities and provided solely for information purposes to recipients only. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. This information does not constitute an offer to buy or sell securities. Kazkommerts Securities or its affiliated persons may be buying, selling or holding long or short positions, acting as investment bankers, be represented on the Board of the issuers in securities mentioned herein. This report is not intended for the use of private investors. Investment in Kazakhstan markets is an extremely risky activity and many persons, physical and legal, may be completely or partially restricted from dealing in the Kazakhstan securities markets. |
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