Astana, Kazakhstan, Jan.29
By Daniyar Mukhtarov - Trend:
Kazakh external debt can be easily paid off if the declared amnesty of capital is carried out competently, said the director of the Center for Macroeconomic Research Oljas Khudaibergenov Jan.28 at a press conference in Astana.
He said that Kazakh foreign debt is about $150 billion.
"Of these $150 billion, some $85 billion accounts for companies and their affiliates," said Khudaibergenov. "The remaining $80 billion is the real debts that are distributed to three or four parts, but which should be returned."
But an amnesty may stall due to the fact that the regulations allowing the return of the capital, which was formed as a result of corruption offenses, are excluded, he said.
He thinks the large part of the capital is namely of the corrupt nature.
"And if these funds don't return because of this regulation, then what is the point in general to grant amnesties?" he concluded. "One can, of course, apply to the court and sue them, but it will take years, and during that time the Cyprus scenario can occur in those offshore companies, which contain this money. And it's better to create conditions for these funds to return now and let them work on the economy."
Edited by CN