Investor Presentation on Kazakhstan's Economic Reforms
Government Debt
Modest government debt levels, with a developing domestic market.
State Budget Financing
(% of GDP)
0.4
Total Government Debt
(% of GDP)
10.6%
2.4
9.1%
10.3%
9.8%
12.0%
10.1%
2.4
2.5
0.7
1.4
1.5
1.0
(0.2)
(0.1)
0.6
0.3
10.6%
9.8%
8.4%
9.1%
8.4%
8.6%
2015
2016
2017
2018
2019
2020 Budget
2015
2016
2017
2018
2019
1H 2020
■Net External Borrowing
■Net Domestic Borrowing
External Debt
Internal Debt
External and Internal State and Guaranteed Debt Breakdown
(US$ Bn, 1H 2020)
General Government External Debt
1H 2020
14.9
External Debt Guaranteed by Government
1.6
55%
Government Domestic Bonds
20.7
Internal Government Guarantees
Total
4
0.5
37.7
56%
Internal
Debt
Source: Ministry of Finance, National Bank of Kazakhstan, unless otherwise stated
Note: ¹Fitch Sovereign Data Comparator September 2020
15
Sovereign External Debt vs BBB Rated Peers
44%
External
Debt
(% of CXR, 2020F1)
39.3%
40%
18.9%
15.0%
37.1%
33.7%
31.2%
Kazakhstan
BBB/Baa3/BBB-
Mexico
BBB-/Baa1/BBB
Russia
BBB/Baa3/BBB- BBB/Baa2/BBB+
Philippines
Morocco
BBB-/Ba1/BBB-
BBB MedianView entire presentation