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Ministry of Economics of Kazakhstan disagrees with estimation of S&P Agency

Astana. May 5. Kazakhstan Today - The Ministry of Economics and Budgetary Planning of Kazakhstan disagree with position of Standard & Poor's Agency concerning credit rating of Kazakhstan, the agency reports referring to Economics Ministry press service. "The forecast of the agency concerning growth of Kazakhstan economy does not coincide with the forecast of the government and with the current trend - by preliminary estimation, GDP growth in the first quarter of 2008 has made 5.3 %. Forecasts of the international financial institutions concerning GDP growth of Kazakhstan for 2008 exceed 5 % that corresponds to the forecast of the Economics Ministry of Kazakhstan," the press release emphasized. The Ministry of Economics states that "the risk of deterioration of the assets of the banking system is under constant supervision of the appropriate authorized bodies that do not expect problems of the Kazakhstan banks with payment of external debts this year." "Kazakhstan demonstrates high fiscal discipline, stable monetary and credit policy and strengthening of external balance of the government." Thus, "since 2005, growth of non-oil sector has outgrown raw sector owing to improvement of the business environment, growth of internal purchasing capacity and efforts of the government on economy diversification." "Record-breaking high prices for the basic export items form the basis for economic stability during unfavorable situation in the world financial markets," the press release informs. "The international reserves constantly grow and now have exceeded 40 % of GDP, strengthening position of the government in maintenance of economic stability in comparison with October, 2007 when the agency reconsidered sovereign rating," the ministry emphasized. "The forecasts review reflects increased risk of deterioration of the assets of the banking system of Kazakhstan as well as difficulties in attraction of financing that will lead to weakening of taxation-budgetary and foreign trade balance parameters and will negatively influence financial flexibility and prospects of economic growth," credit analyst S&P Ben Folks noted.

Resourse: Kazakhstan Today

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