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Kazakh Deputy PM Zhumangarin: Our Industries Come Before Sanctions

Kazakhstan has clarified its position on sanctions against Russia imposed as a result of Russia's invasion of Ukraine. Primarily, Kazakhstan will not support measures that could negatively impact its economy. Speaking to Russian state media outlet Tass, Deputy Prime Minister Serik Zhumangarin underscored that Kazakhstan will not act as a conduit for circumventing sanctions, as doing so could severely affect its domestic industries. However, he emphasized the nation's commitment to safeguarding its economic interests, particularly in sectors where products might fall under sanction restrictions. “We have explicitly stated that we will not impose restrictions on these goods, as behind them are large labor collectives and enterprises, often located in single-industry towns,” Zhumangarin explained. During Russian President Vladimir Putin's visit to Kazakhstan on November 27-28, he met with Kazakh President Kassym-Jomart Tokayev. The leaders issued a joint statement condemning unilateral sanctions, citing their detrimental effects on global trade, economic cooperation, and sustainable development. They reaffirmed their commitment to principles of open and non-discriminatory international trade. By maintaining a neutral stance on sanctions, Kazakhstan seeks to minimize economic risks while prioritizing the interests of its workforce and industries. As The Times of Central Asia previously reported, Kazakhstan’s Ambassador to Russia, Dauren Abayev, noted that Kazakh companies aim to avoid secondary sanctions but will continue fostering close cooperation with Russia. In an August interview with Bloomberg, Zhumangarin reiterated that Kazakhstan would not blindly adhere to sanctions against Russia but would consider international restrictions. He highlighted that while Kazakhstan aims to protect its companies from trade bans, it cannot completely disregard sanctions due to the risk of economic isolation. Furthermore, Kazakhstan's Minister of National Economy, Nurlan Baibazarov, addressed concerns in early November regarding including Kazakh companies on UK sanctions lists. He emphasized that these cases mostly involved transient firms, asserting that Kazakhstan continues to comply with international regulations.

Russia Economy Migration International Cooperation Migrant Workers

Kyrgyzstan Criticizes Russia’s Approach to Migration

Edil Baisalov, Deputy Chairman of Kyrgyzstan’s Cabinet of Ministers, voiced frustration over Russia’s approach to labor migration during an interview with Russian media. He criticized Moscow for failing to fully honor the principle of free movement of labor within the Eurasian Economic Union (EAEU), of which Kyrgyzstan is a member. “Free movement of labor resources is one of the principles of the Eurasian Economic Union. Our fundamental documents state that we have access to the labor market on the same basis as citizens of any member state. Thousands of Russians work for us on the same terms as Kyrgyz,” Baisalov stated. Despite these agreements, he claimed that Kyrgyz workers often face restrictions and criticisms in Russia akin to those applied to migrants from non-EAEU countries. “People, including seasonal workers, may stay for weeks or months. Some have relocated to Russia with their families and work as doctors, teachers, scientists, and professors. Our migrants significantly contribute to various sectors of Russia’s modern economy, particularly in the service industry—hotels, cafes, and more. Every penny earned by Kyrgyz migrants in the Russian Federation comes at the cost of incredible effort,” he said. Baisalov highlighted that these challenges are prompting Kyrgyz labor migrants to seek opportunities in other nations, such as South Korea, Japan, the UAE, Turkey, and EU countries. “Tens of thousands of our women have found their calling in Italy, where elderly care is in high demand. It turns out there’s no better choice than our caregivers and nannies. We even opened an embassy in Italy because nearly 30,000 Kyrgyz citizens reside in Naples and on the island of Sardinia,” he explained. In light of these trends, the Kyrgyz government has pledged to create 250,000 new jobs within the country in the coming year. A campaign is also underway to encourage citizens working abroad to return home.

State Budget Finance Economy GDP Government

Kazakhstan’s Public Debt Remains at ‘Comfortable Level,’ Says Economy Minister

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.

Government Foreign debt Economy Finance State Budget money

Tajikistan’s External Debt Reaches $3.25 Billion

As of October 1, Tajikistan’s external debt stood at $3.25 billion, according to a report by Asia-Plus citing the Ministry of Finance. This represents a modest 0.2% increase, or $7.1 million, compared to January 1. Approximately 96% of the debt comprises direct government debt, incurred to meet state obligations, while $138.8 million is under state guarantees. Tajikistan’s external debt-to-GDP ratio is 27%, which is considered a favorable level. The largest creditors include the World Bank ($370 million), the Asian Development Bank ($260 million), the Islamic Development Bank ($212 million), and the European Bank for Reconstruction and Development ($167 million). A significant portion of the debt, $500 million, consists of Eurobonds issued in 2017 to finance the completion of the Rogun Hydroelectric Power Plant. While the government adheres to the repayment schedule for these bonds, only interest payments have been made so far. Next year, Tajikistan is expected to seek additional loans from development partners to continue work on the Rogun Hydroelectric Power Plant. This move is anticipated to substantially increase the country’s external debt. By way of comparison, The Times of Central Asia recently reported that neighboring Uzbekistan’s public debt is projected to reach $45.1 billion by the end of 2025.

Embassy Sanctions Diplomacy Politics Economy Russia

Kazakhstan’s Ambassador: Kazakh Companies Do Not Want To Be Under Sanctions

Kazakh companies seek to avoid secondary sanctions, but the country will continue to cooperate closely with Russia. This was stated by Kazakhstan's Ambassador to Russia, Dauren Abayev, at a press conference in TASS news agency. According to him, about ten companies in the country have fallen under such sanctions, but these are isolated cases. “Kazakh companies, naturally, do not want to be under sanctions, as any restrictions have a negative impact on their activities,” Abayev emphasized. Nevertheless, he noted that strategic partnership and allied relations remain between Kazakhstan and Russia, and the growth of trade turnover confirms the continuation of cooperation. Earlier in August, Kazakhstan's Deputy Prime Minister Serik Zhumangarin said in an interview with Bloomberg that the republic would not blindly follow sanctions against Russia but would take into account international restrictions. He emphasized that Kazakhstan will not allow a ban on trade for its companies, but the country cannot completely ignore the sanctions because of the risk of economic isolation. Kazakhstan's Minister of National Economy Nurlan Baibazarov commented in early November on Kazakhstan companies being placed on the UK sanctions lists, saying that these violations are not systemic. He said the sanctions were mainly one-day firms, and the republic continues to comply with international restrictions.

Economy Gold mining in central asia Gold State Budget Natural resources

Gold Reserves in Kyrgyzstan May Reach Up to 4,000 Tons

Kyrgyzstan holds over 5,000 deposits of various minerals, including valuable resources such as gold, rare earth elements, uranium, and thorium. This was announced by Deputy Minister of Natural Resources Narynbek Satybaldiev during a briefing. According to official state data, Kyrgyzstan has just over 1,000 tons of confirmed gold reserves. However, geologists estimate that the country's total potential exceeds 4,000 tons. Many deposits are complex, containing other metals such as antimony, copper, and zinc alongside gold. Satybaldiev highlighted that the recent lifting of a moratorium on deposit development presents new opportunities for mining gold and other strategically important metals essential for the global economy. The Kyrgyz government is developing a comprehensive strategy to fully utilize its mineral resources. The plan includes exploration, mining, and processing initiatives, with a particular focus on rare earth metals. These resources are critical for producing high-tech products and advancing green energy technologies. The implementation of this strategy is expected to boost mining revenues, strengthen Kyrgyzstan's economic independence, and attract foreign investment. In June 2024, Kyrgyzstan lifted a ban on developing uranium and thorium deposits, a restriction that had been in place since 2019. The decision reflects the government’s aim to balance environmental safety with the need to harness strategically important resources for economic growth. The policy change is expected to attract investment, create jobs, and increase revenues from mineral exports.