S&P revises Kazakhstan’s sovereign outlook to positive
S&P Global, an international rating agency, has revised the outlook on Kazakhstan’s sovereign credit rating from Stable to Positive, while affirming the rating at BBB-, Kazinform News Agency reports citing the Ministry of National Economy.
The agency’s decision reflects steady progress in implementing institutional and economic reforms, including the adoption of new Budget and Tax Codes.
According to S&P, the introduction of stricter fiscal rules, coupled with a broad expansion of the revenue base, will support fiscal consolidation, reduce the budget deficit, and help maintain stable public debt levels in the medium term.
S&P also highlighted Kazakhstan’s strong position as a net external creditor, supported by low external debt and substantial international reserves and National Fund assets.
The report notes that the improved outlook is further underpinned by ongoing reforms aimed at liberalizing and diversifying the economy. Analysts expect that the implementation of the National Infrastructure Plan and other modernization measures will gradually reduce reliance on oil revenues and boost non-oil income.
The government is also carrying out a wide-ranging program of institutional and social reforms, including anti-corruption measures, decentralization, and greater transparency in governance. Analysts emphasized that these steps have strengthened the social framework, reflecting broad public consensus on the reform agenda.
The agency assesses the risk of secondary sanctions as low.
As reported earlier, Kostanay region develops 13 large investment projects worth 337 billion tenge.