Kazakhstan’s national debt rose to 12.8% of GDP, Ministry of Finance

February 27, 2014

ALMATY. Interfax-Kazakhstan

Kazakhstan’s national debt rose to 4.4 trillion tenge, Finance Minister Bakhyt Sultanov said.

“The public debt at the beginning of the year rose to 12.8% of GDP and reached 4.4 trillion tenge, or roughly $28.8 billion as of January 1. It mainly consists of government obligations, of which 82% are internal,” said Sultans at a board meting in the Ministry of Finance in Astana on Thursday.

“The debt burden on the budget today already reached 9.7%, which is too close to the permissible maximum of 10%-15%,” Sultanov said.

In 2013, the national budget deficit was 718 billion tenge, or 2.1% of GDP, fully secured with borrowings. In order to finance budget deficit and promote the development of debt instruments market, the Ministry placed 982.5 billion tenge in government securities in 2013.