Kazakhstan ranks 13th for state debt

Business Materials 14 April 2009 13:51 (UTC +04:00)

Kazakhstan, Astana April 14 / Trend , K. Arinova/

The 2008 activities of the Kazakh Finance Ministry were summed up and tasks for 2009 were defined at the parliamentary meeting. 

"Real assignments to the public budget in 2008 totaled 4.034 trillion tenge or 99.6 percent (139.7 percent in 2007)," Finance Minister Bolat Jamishev said at a parliament.

Minister said without export due implementation of state income would be 92 percent with deviation from plan worth 326 billion tenge. Growth rate was 1.5 percent compared to 2007.

"I want to mention that a move to introduce export due in 2008 was timely measure by the government in an effort to ensure implementation of the budget amid high oil prices in the Q1," Jamishev said.

Minister said the government paid debt worth 164 billion tenge or 99.9 percent of the plan in 2008.

"As of Jan. 1, 2009, government's debt was 1.015 trillion tenge or 6.4 percent of the GDP. Government debt is small. We figure in the 13th place for rate of government's debt," minister said.

He said the ministry attracts funds to built Western China-Western Europe highway in an effort to improve balance of payments. 

"Debts between companies engaged in the oil sector do not cause problems," Jamishev said.

Minister said banks' foreign debt compared to GDP was 50 percent in late 2007. This figure has decreased twice.

"The decrease in the foreign debts of the banks of a second level that began from April 2007 shows that the risks in the financial sector are reducing," minister said.

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