Kazakhstan's Finance Ministry not planning foreign borrowing in 2024

ALMATY. Feb 13 (Interfax) - The Ministry of Finance of Kazakhstan is not currently contemplating borrowing from foreign markets in 2024, Finance Minister Madi Takiyev said.

"There's no current need; our expenses are covered by our income. If need be, we'll reassess," Takiyev told a government briefing on Tuesday.

In June 2023, former Finance Minister Yerulan Zhamaubayev mentioned that Kazakhstan might consider issuing Eurobonds in fall 2023. However, in September, the Ministry of Finance decided against it due to unfavorable conditions in external markets, opting for domestic borrowing to cover the budget deficit.

Last fall, Zhamaubayev hinted that the Ministry's might issue Eurobonds in 2024, possibly in the summer.

Currently, Kazakhstan has $1.5 billion worth of Eurobonds issued in July 2015, which will mature in July 2045.