ASTANA, Kazakhstan, November 22. Kazakhstan has significant foreign currency reserves in the form of the National Fund, gold, and foreign exchange reserves, the size of which has already exceeded more than $100 billion, Minister of National Economy Nurlan Baibazarov said on the sidelines of the Senate of the Parliament, Trend reports.
The Minister of National Economy, Nurlan Baibazarov, responded to journalists' questions regarding the volume of national debt in the corridors of the Senate of the Parliament.
Baibazarov stated that the International Monetary Fund, the World Bank, and international rating agencies assess the level of economic development and financial stability of Kazakhstan every year and highlight the consistently low size of the national debt.
"The recent changes in international credit ratings indicate the fiscal and financial stability of our country. We adopted the concept of public financial management, which sets limits—the national debt should not exceed 32 percent of the country's GDP. Currently, this indicator stands at about 23 percent, meaning we are at a relatively safe and comfortable level in terms of national debt," the minister said.
Baibazarov also noted that this debt should be viewed as an investment, as it leads to the creation of assets that contribute to the development of Kazakhstan's economy.
According to Fitch Ratings, the National Fund of Kazakhstan's foreign currency assets grew from $60 billion to $60.7 billion over the past year, while official foreign currency reserves increased from $35.9 billion to $45.9 billion between October 2023 and October 2024, which in total is equivalent to 38 percent of the country's GDP.