On November 22, Nurlan Baibazarov, Kazakhstan’s Minister of National Economy, addressed the current status of the country’s public debt, emphasizing its manageable level.
Baibazarov highlighted that international organizations, including the International Monetary Fund, the World Bank, and global credit rating agencies, consistently recognize Kazakhstan’s low public debt.
“The latest changes in international credit ratings indicate the fiscal and financial stability of our country,” Baibazarov stated. “We have significant reserves in the National Fund, as well as gold and foreign exchange reserves exceeding $100 billion. These serve as a financial safety cushion, enabling us to actively attract investments.”
Kazakhstan’s Concept of Public Finance Management imposes a limit ensuring that national debt does not exceed 32% of GDP. Baibazarov reported that the current figure stands at approximately 23%, reflecting a “safe and comfortable” level.
He further explained that public debt should be seen as a tool for economic investment. “We build roads, invest in infrastructure, and launch new production facilities. These projects lay the groundwork for future economic growth and sustainable development,” he added.
As of October 1, 2024, Kazakhstan’s total public debt was reported to be over 30.5 trillion KZT (approximately $61 billion), equating to 22.6% of GDP. This reinforces the country’s position within the fiscal parameters set by its government.
