Kazakhstan was ranked 88th in the debtors rating, RIA Novosti writes citing IMF (International Monetary Fund).
IMF analysts made the rating based on the the debt per one citizen. Japan turned out to be the top debtor by “the state debt volume per one citizen”. $105.5 thousand of the state debt falls on each Japanese citizen, according to 2011 data. The total debt of Japan is around $13.5 trillion.
The U.S. is a little behind Ireland that was ranked 2nd. $49.8 thousand of the state debt falls on every American. Russia is ranked 99th. Its total state debt falls in parts of $1,247 per each citizen.
Kazakhstan was placed at the 88th position in the rating. According to the National Bank’s data for 2011, Kazakhstan’s external debt made $123.8 billion. Kazakhstan statistics agency states that there are around 16.7 million citizens in the country. Thus, around $7,422 of the state debt falls on each Kazakhstan citizen.
Normally, the richer the country is and the higher its living standards are, the more debts it has. This is explained by the fact that performance of social obligations and implementation of large-scale marcoeconomic programs require additional funding that exceeds the budget. Attraction of additional money is possible only through the credit market.
Lack of the state debt does not certify the country’s successfulness. Madagascar was placed in the very bottom of the list with $26 of the state debt per citizen, after Liberia ($41) and the Democratic Republic of Congo ($69). The low state debt of these countries is related not to their own resources, but to the weakness of the economies incapable of attracting credit money.