Kazakhstan's gross external debt up 4.2% in Q2, National Bank
ALMATY. Oct 17 (Interfax) - Kazakhstan's gross external debt stood at $145.4 billion as at June 30, 2013, against $139.6 billion in the first quarter of 2013, the National Bank said in a statement.
This includes $5.3 billion or 4% in the government sector external debt (the government and National Bank's liabilities). Inter-company debt amounted to $70.9 billion (49%) and the banking sector's debt - $11.5 billion (8%).
"In the second quarter of 2013, the external debt increased by $5.8 billion mainly because the other sectors accrued more debt ($5.5 billion more). The inter-company debt increased (plus $1.3 billion) though it was offset partially by the decrease in the external debt of banks (less $1.2 billion)," the bank said.
"The increase in the external debt of the other sectors in the second quarter of 2013 occurred mainly due to bonds worth $4 billion offered by National Company KazMunayGas and National Managing Holding KazAgro and due to external loans ($2.8 billion). The inter-company debt growth was caused mainly by the fact that parent companies financed their affiliates implementing oil and gas projects in Kazakhstan ($1.3 billion)," said the statement.
Kazakhstan's external net debt increased by $1.9 billion in the second quarter of 2013 to $18.8 billion as at June 30, 2013 or 9% of the GDP, according to the statement.
