Political System Review

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KAZAKHSTAN SECTOR RESEARCH

Kazakhstan Political System Review

This Section is contributed by Kazkommerts Securities

May 1998

Executive Summary

Introduction
	Background
	Legal Framework

Major Elements of the Political System
	Legislative Branch --The Parliament
	Judicial Branch
	Executive Branch -- The President
	The Government
	Political Parties

Structure of the Government

Conclusion

Key considerations

Key indicators

Kazakhstan is a leading economy in the Central Asian region

Kazakhstan has vast deposits of key mineral resources

The post-Soviet recession is over in most industries and real growth has begun

The budget deficit is low

The national currency, Tenge, is stable and there are no restrictions on capital repatriation

The stock market is growing rapidly

1997 GDP	US$22.3 bln
GDP per capita	US$ 1,406
1997 GDP growth rate	2.0%
1997 Budget deficit (% of GDP)	2.2%
1997 Inflation (YoY)	11.2%
Total investments (est)	US$4.0 bln
Unemployment	4.0%
Exports (est)	US$6.6 bln
External debt (% of GDP)	7.7%

Kazkommerts Securities
Analyst: Shamil Dauranov

65 Furmanov Street Almaty 480004, Kazakhstan	Zhanna Kozlova	Madina Dushimova
Tel: +7 (3272) 50 90 60 Fax: +7 (3272) 50 91 62 +7 (3275) 81 14 98 E-mail: enquiry@kaz.kz	International Sales: zhanna@kazks.kz	Director of Research: madina@kazks.kz

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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