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Finance Minister suggests a ban for national companies to borrow from external sources

14 may 2012, 12:57
0
Finance Minister Bolat Zhamishev suggests introducing a ban for national companies to borrow from external sources, Newskaz.ru reports.

“There should be a ban introduced on national companies – excluding those that are part of the Samruk Kazyna Sovereign Wealth Fund, KazAgro Holding Company and Development Bank of Kazakhstan – to borrow from external sources”, Mr. Zhamishev said when speaking before the country’s Majilis (lower chamber) May 14.

“For all the other companies it is enough to resort to internal sources”, he said.

The Minister reminded that the ceiling for sovereign debt set within the Common Economic Space of Kazakhstan, Russia and Belarus stands at 60% of the GDP.

“We believe there should be borrowings limits both for the government-owned businesses and quasi-state sector as well”, he said.

According to him, the quasi-state sector should rely on borrowings within the set limit. “National companies should be able to borrow based on assessment of their would-be projects”.

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