Kazakhstan drops plans to offer Eurobonds in 2023

ASTANA. Sept 14 (Interfax) - Kazakhstan will not offer Eurobonds this year; the budget deficit will be covered by borrowing in the domestic market, the Finance Ministry told Interfax.

"This year, the financing of the government budget deficit is mainly covered by borrowing in the domestic market. To date, we have already raised enough funds through the issue of government securities in the domestic market to satisfy about 85% of this year's demand for borrowings as necessary to finance the deficit of the government budget," the ministry said.

Deputy Prime Minister and Minister of Finance Yerlan Zhamaubayev told Interfax earlier that the government was mulling a Eurobonds offering this autumn, depending on the behavior of the policy rate in the summer.

"We have such plans. Summer is definitely not a suitable time, most likely it will be in the autumn. [The size of the issue] will depend on the behavior of the policy rate in summer," Zhamaubayev said on the sidelines of the Astana International forum on June 8 of this year.

Kazakhstan has $1.5 billion in 30-year Eurobonds placed in July 2015 outstanding.