External Debt -- Kazakhstan Macroeconomic Performance

Gross External Debt

The Gross External Debt (GED) of Kazakhstan reached USD 6,045.7 million as of 1 April 1998, or 24.7% of the GDP. This indicator is in line with the generally accepted guidelines and should not pose serious repayment problems. The GED per capita was USD 376.7 in 1997, and did not seriously increased during 1Q98 (USD 386.5 or a 2.6% growth).

Government external debt

The direct government external debt (including sovereign eurobonds and other debts guaranteed by the government) reached USD 3,328.6 million in 1Q98, representing 55% of the GED. The growth of direct debt was 1.1% during the 1Q98. Currently, Kazakhstan is repaying debts of past years and does not intend to increase external debt during 2H98. The National Bank estimates the volume of debt servicing (for the government guaranteed debt only) will reach USD 540 million in 1998 (roughly 2.2% of the GDP).

Non-guaranteed external debt

The external debt of Kazakhstani companies (without governmental guarantees) is growing. Its share in the GED increased from 16.6% in 1996 to 26.5% in 1Q98.

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© Kazkommerts Securities 1998. Please cite source when quoting.

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