Kazakhstan 

Kazakhstan country policy

Policy established 28 June 2009

• The country ceiling is 1000 mln euro
• Early warning signal 750 mln euro
• - of which was used as at 2012-02-29 9 mln euro

Country class: 5

Onherroepelijk accreditief, bankgarantie, garantie Ministerie van Financiën (onvoorwaardelijk)

ILC/commercial bank guarantee, g'tee MoF

Olie- en gassector: Onherroepelijk accreditief, bankgarantie, garantie Ministerie van Financiën (voorwaardelijk)

Oil/gas sector: security demand may be waived

Kazakhstan country facts

Atradius Dutch State Business Economic Research 

Country Report last updated : 30 September 2010  

Country :  KAZAKHSTAN 

Political situation
Nazarbayev president for life ?

Head of state
President Nursultan Nazarbayev (since 1991, re-elected in December 2005).

Form of government
Council of Ministers appointed by the president and led by PM Karim Masimov.

Internal Economic Situation
Economic Recovery In 2010

General situation
Credit crisis had a severe impact on economy, but economy is recovering. From a low economic growth of 1.2% in 2009 this year growth will accelerate to 5.8%. Higher oil prices and a growth in private consumption support economic growth. Domestic market has been hit by the collapse of the real estate and credit bubbles. Banking sector and construction are weak; especially the situation in the banking sector is a concern. Non performing loans are very high; in September 2010 NPL amounted 33.92% of total loans. Banking sector is vulnerable for currency mismatch and therefore a depreciation of the currency. Also concentration problems in construction sector. Restructuring is complete, as creditors approved the restructuring of debt of BTA. In 2008 and 2009 government supported the economy by giving capital injections in the banking sector and intervening in the real estate sector. Inflation has been above the target of the government (5-6%) for years now. In 2009 inflation decreased sharply to 7.3% and will decline further to 6.9% due to weak domestic demand and lower credit availability.

 
External Economic Situation
Weak Solvency; Liqudity Fine

Main sources of foreign exchange
Oil and oil products (72% of goods exports), base metals (16%).

Main foreign markets
Italy (18%), Switzerland (18%), Russia (10%), China (9%).

Main expenses of foreign exchange
Machinery and equipment (45% of goods imports), mineral products (14%) metal products (13%).

Balance of payments 
A rebound in exports revenues supports CA surplus. Imports will be restrained due to weaker domestic demand.