Kazakhstan’s gross foreign debt as of March 31, 2012 stood at $129.3 billion 26 июля 2012, 17:31
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Kazakhstan’s gross foreign debt as of March 31, 2012 stood at $129.3 billion, National Bank’s Governor Gregory Marchenko said July 25 during the online conference arranged by Profinance.kz.
According to Mr. Marchenko, the debt of the Government and the National Bank make up 4% of the overall debt figure, that is $5.2 billion.
External debt of the second-tier banks and the Development Bank of Kazakhstan makes up $14.8 billion, that is 11% of the overall debt figure. Consequently, other sectors are responsible for the other 84.5% of the overall debt figure ($109.3 billion).
Intercompany debt related to direct investments to and from Kazakhstan makes up 58% of the other sectors’ debt. Companies operating in the O&G sector are responsible for 76% of the intercompany debt figure.
“As for trends, we are expecting further reduction of the banks’ foreign debt and increase in the government’s debt and other sectors’ debt given large-scaled projects in the O&G sector and industrial projects”, Mr. Marchenko said.
He added that the country’s foreign debt “net of intercompany debt figure makes up 34.4% of the nation’s GDP as of March 31, 2012. Such a figure poses no threats with regards to long-term paying capacity of Kazakhstan. Moreover, this figure is neutralized by the national gold and FX reserves”.