Kazakhstan could borrow abroad in 2010
ALMATY. Nov 10 (Interfax) - Kazakhstan's Finance Ministry plans to borrow abroad in 2010 "in order to set a benchmark for the corporate sector," Kazakh Finance Minister Bolat Zhamishev said at a Tuesday Cabinet meeting.
Zhamishev did not say how much the government might borrow, but said "we need to borrow within those limits that do not pose a threat to our security."
"In order to enter the external markets and set a benchmark for the corporate sector, borrowings must make total at least $500 million. This is the lower threshold for borrowings and the exact sum to be borrowed will be set later," Zhamishev told journalists after the meeting.
As of July 1, 2009 Kazakhstan's state debt was 1.346 trillion tenge. As of July 1, 2009 the government debt totaled 1.198 trillion tenge, or 120% higher than at the beginning of 2002. This included 80.1% of internal government debt and 19.9% of external government debt. The state debt grew by 412 billion tenge to 1.346 trillion tenge in 2008. The government debt increased by 23 billion tenge.
The state debt ratio to GDP was raised from 9.3% to 9.5% for 2009; from 11.8% to 11.9% for 2010 and from 12.8% to 13.1% for 2011.
According to the most recent estimates, Kazakhstan's GDP in 2009 was expected to reach 16.865 trillion tenge or a 1% increase.