Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov responded to journalists' questions regarding the volume of national debt in the Senate corridors. The Vice Prime Minister stated that the International Monetary Fund, the World Bank, and international rating agencies assess the level of economic development and financial stability of Kazakhstan annually, highlighting the consistently low level of national debt, as reported by a correspondent from the business information center Kapital.kz, citing the press service of the Ministry of National Economy.
“Recent changes in international credit ratings indicate the fiscal and financial stability of our country. We have significant foreign currency reserves in the form of the National Fund and gold and foreign currency reserves, which have now exceeded 100 billion dollars. This is the financial cushion that allows us to actively attract investments. We have adopted the Concept of Public Financial Management, which outlines restrictions – the national debt should not exceed 32% of the country’s GDP. Currently, this figure is about 23%, meaning we are at a fairly safe and comfortable level regarding the national debt,” he stated.
Nurlan Baibazarov emphasized that this debt should be viewed as investments that create assets, enabling the development of the Kazakh economy: “We are constructing roads, investing in infrastructure, and launching new production facilities. This creates a solid foundation for future economic development, ensuring economic growth for our country,” he said.