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This Section is contributed by Kazkommerts Securities
October 1998
| Structure | The public sector external debt includes direct government debt and the debt of other institutions which is guaranteed by the Government. |
external debt of the government in 1997-98,
by types of lenders, USD million
Source: National Bank of Kazakhstan
| History | Kazakhstan had virtually no external debt immediately after it declared independence, and it has accumulated debt only since 1993. Therefore, unlike other countries with long external borrowing histories, the external debt burden remains modest. Moreover, the country’s vast natural resources and active investment attraction programme allowed the Government to serve a portion of its financing needs without borrowing abroad. In addition, sovereign borrowing on international capital markets was restricted by the fact that the country itself and a few of its corporations just recently were awarded credit ratings by international rating agencies. |
Governmnet debt by type of borrowers, usd million
1994 |
1995 |
1996 |
1997 |
1998 e |
|
| Government external debt | 2,696.3 |
2,054.0 |
2,606.3 |
3,290.1 |
3,328.2 |
| Government | 1,600.1 |
597.4 |
1,119.3 |
1,742.9 |
1,845.0 |
| National Bank | 281.2 |
453.4 |
587.3 |
545.2 |
520.0 |
| Companies | 815 |
1,003.2 |
899.7 |
1002 |
963.2 |
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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