The international rating agency Standard&Poor's confirmed the sovereign credit rating of Kazakhstan at BBB-/А-3, having improved the outlook from negative to stable.
The key factors supporting Kazakhstan's rating are the country's strong fiscal and external balance sheets. The S&P report emphasizes that the country's fiscal and external balance sheets remain strong and will be sufficient to cushion the possible impact from lower oil exports associated with the temporary disruption of the Caspian Pipeline Consortium.
Analysts also note the effective macroeconomic policy pursued by the government of Kazakhstan, which is aimed at diversifying the economy through investment programs, improving the investment climate, reducing state participation, developing competition, improving tax policy, reforming public procurement, and reducing administrative barriers to business.
Overall, S&P forecasts Kazakhstan's economy to grow at 4.1% in 2023 and around 4% on average in 2023-2026.
CentralasianLIGHT.org
March 6, 2023