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Kazakhstan’s national debt exceeds limit set by New Fiscal Policy

Business Materials 9 June 2021 16:00 (UTC +04:00)

BAKU, Azerbaijan, June 9

By Nargiz Sadikhova - Trend:

Kazakhstan’s national debt has amounted to 20.6 trillion tenge ($48.1 million), which accounts for 29.4 percent of country’s GDP, Trend reports citing Kazakhstan’s Accounts Committee for Control over Execution of the Republican Budget.

The committee said that Kazakhstan’s public debt has an annual growth trend. The debt-to-GDP ratio reached 29.4 percent in 2020 exceeding the 27 percent limit set by the Concept of the New Fiscal Policy.

A safe level of public debt was 22 percent of GDP before 2021, but was increased later. The current 29 percent are quite high.

A sharp increase – by five times – was observed in the debt of the executive bodies, which at the beginning of this year amounted to 1.1 trillion. tenge ($2.5 billion) compared to 217 billion tenge ($507 million) as of January 1, 2020.

The current debt of the executive bodies is within the approved limit of 1.6 trillion tenge ($3.7 billion), but it poses the risks for the future.

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