Kazakhstan’s external debt fell by $467.6mln in half-year 2019
As of 1 July 2019 Kazakhstan’s external debt has stood at $158.3 billion or 87.7% to GDP (an improvement of 0.8 percentage point), Strategy2050.kz informs referring to the Kazakh National Bank.
The external debt is still over 63.3% of inter-company debt, 25.1% of external debt of the corporate sector to untied credit providers, 8.0% public external debt (the Government and the National Bank), 3.6% of external obligations of the banking sector (the second-tier banks and the Development Bank of Kazakhstan).
“The country’s external debt in the first half-year of this year has reduced by $467.6 million. The public external debt has increased by $323.0 million to $12.6 billion due to the market value of sovereign Eurobonds, offset by the reimbursement of public external loans,” the statement reads.
The banking sector’s external liabilities fell by $79.9 million to $5.7 billion owing to the increase in the number of deposits of non-residents and that of spot contacts with foreign banks, offset by the reimbursement of Eurobonds (the National Bank of Kazakhstan) and the Development Bank of Kazakhstan’s loans.
The corporate sector’s external debt to unaffiliated credit providers remains the same (an increase by $99.8 million to $39.7 billion) as the current account surplus (Eurobond settlement, repayment of external loans) was offset by the increase in the market value of Eurobonds of Kazakh issuers.
“Inter-company debt has reduced by $810.6 million to $100.2 billion as the major producing and transport companies paid off their loans taken from affiliated organizations,” the Kazakh National Bank says.
For analytical purposes, external debt of organizations is noticeable in the composition of external debt (the banks or organizations in which the public sector owns more than 50% of direct and indirect shareholding), that as of 1 July 2019 was $21.0 billion, decreasing by $1.7 billion in the first half-year of 2019.
Kazakhstan’s net external debt stands at $47.7 billion, increasing by $806.1 million in the six months of 2019, with the public and banking sectors acting as net credit provides to the others, while the corporate sector is a net borrower.
