Shorouk Express
BAKU, Azerbaijan, August 23. On August 22,
S&P revised the outlook for Kazakhstan’s sovereign credit
rating from “Stable” to “Positive” while affirming the rating at
“BBB-,” the Ministry of Economy of Kazakhstan said, Trend reports.
According to the ministry, the agency’s decision reflects
Kazakhstan’s steady progress in advancing institutional and
economic reforms, including the adoption of new Budget and Tax
Codes.
“S&P believes that the introduction of stricter fiscal
rules, together with a significant expansion of the revenue base,
will help consolidate public finances, reduce the budget deficit,
and ensure stability in public debt levels over the medium term,”
the ministry noted.
S&P also emphasized that Kazakhstan’s position as a net
external creditor remains strong, supported by low external debt
and substantial international reserves as well as assets held in
the National Fund.
The report highlighted 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 the country’s dependence on oil
revenues and increase non-oil income, the ministry added.
