Kazakhstan briefs global rating agencies on reform progress
As part of the 2025 Annual Meetings of the World Bank Group and the International Monetary Fund, a Kazakhstani delegation led by Deputy Prime Minister – National Economy Minister Serik Zhumangarin held a meeting with representatives of Big Three credit rating agencies S&P Global Ratings (S&P), Moody's, and Fitch Group, Kazinform News Agency reports.
Kazakhstan’s delegation included Chair of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova, the heads of the Ministries of National Economy, Foreign Affairs, the National Bank, and Baiterek Holding.
During the meeting, the key macroeconomic indicators, mid-term forecasts, and priorities of structural reforms aimed at ensuring sustainable economic growth were presented.
A particular focus was placed on the processes of structural economic transformation. Zhumangarin noted that Kazakhstan’s economy today is significantly more diversified than it was 15 years ago. In particular, the share of the oil sector in GDP has decreased from 16.5% in 2010 to 8.1% in 2024. For the first time, the manufacturing sector’s share has surpassed that of the extractive industry, while over the past two decades, the volume of foreign direct investment (FDI) in manufacturing has increased several times.
Additionally, it was highlighted that small and medium-sized enterprises (SMEs) now account for around 40% of GDP, compared to 25% a decade ago.
These changes indicate Kazakhstan’s transition from a resource-based model to a more sustainable and balanced economy.
In the first nine months of 2025, fixed capital investment grew by 13.5%. In the first half of the year, FDI inflows totaled 10 billion US dollars, of which $6.3 billion US dollars were directed to non-resource sectors. The Government of Kazakhstan intends to further strengthen its role in stimulating investment activity, setting the ambitious goal of reaching 450 billion US dollars of GDP by 2029.
The results of large-scale budgetary and tax policy reforms were also presented. The new Budget Code establishes two countercyclical fiscal rules aimed at reducing the budget’s dependence on oil revenues and stabilizing expenditures. These include limits on the amount of guaranteed transfers from the National Fund and on the growth of republican budget expenditures. The current year’s budget has been formulated in accordance with these principles, which will help strengthen the resilience of public finances.
The meeting highlighted strong interest of representatives of rating agencies in the implementation of the new Budget and Tax Codes, as well as in the measures to curb inflation and ensure macroeconomic stability.
Earlier, it was reported Kazakhstan’s Deputy Prime Minister – National Economy Minister Serik Zhumangarin attended a meeting of the Swiss Constituency of the International Monetary Fund and the World Bank Group on Friday.