12:21 - 5.09.2023

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September 5, Fineko/abc.az. International rating agency Standard & Poor's has confirmed the sovereign credit rating of Kazakhstan at the level of BBB-/A-3, the forecast is Stable.

ABC.AZ reports, referring to the press service of the Ministry of National Economy of Kazakhstan.

"The key factors supporting Kazakhstan's rating are the strong fiscal and external balances of the country's economy. At that, the net public debt is at a low level, and the state of the country's liquid external assets provides protection from external shocks," the agency says.

The S&P report emphasizes that Kazakhstan's fiscal and external balance sheets are sufficient for risk management. According to agency's experts, the deficit of the consolidated budget of the republic will be reduced to an average of 1.6% of GDP in the period 2023-2026. At the same time, efforts to reform tax policy and administration will contribute to the growth of state revenues.

"Analysts also note the macroeconomic policy pursued by the government, which is aimed at diversifying the economy through investment programs, reducing state participation, developing competition, and improving tax policy," the Ministry said.

According to MNE, in general, Standard & Poor's predicts growth of Kazakhstan's economy at the level of 4% in 2023-2026. The Ministry also assured that the government of Kazakhstan will continue to actively work to maintain the sovereign rating at the level of investment reliability.