Kazakhstan's public debt remains low at 20.9% of GDP - minster

ASTANA. Oct 14 (Interfax) - Kazakhstan's public debt remains low at 38.5 trillion tenge, or 20.9% of GDP, Finance Minister Madi Takiyev said.

"As of today, public debt is 38.5 trillion tenge, or 20.9% of GDP," Takiyev said in parliament.

"External debt is 8.4 trillion, or 4.5% of GDP. The limit is set at 32% of GDP. Our public debt is low. That lets us use it for long-term economic growth," he said.

In recent years it has been cheaper for Kazakhstan to borrow abroad than at home to cover its budget deficit.

"This year we borrowed $1.5 billion in China at 1.82%," Takiyev said. "Servicing it costs us 12.7 billion tenge a year. If we had borrowed that $1.5 billion on our own market, servicing would cost more than 113 billion tenge. It's the same with Eurobonds. In 2015 we borrowed at 5.5%, and last year at 4.4%," he said.