Kazakhstan’s Finance Minister briefs the Majilis on funds borrowed by the Government under ratified agreements with international financial institutions in 2000-2008
At a plenary sitting of the Majilis (lower chamber), Kazakhstan’s Finance Minister Bolat Zhamishev briefed the deputies on use of funds borrowed by the Government under agreements with international financial institutions ratified by the national Parliament in 2000-2008.
The Minister informed that for the period since independence Kazakhstan has signed agreements on the Government’s external borrowings totally worth USD 4.5 billion. As of January 1, 2009, USD 3.7 of the funds was accommodated by the national economy, with USD 2.1 billion of the principal being already repaid. The outstanding Government’s external borrowings make up USD 1.6 billion.
From 2000 to 2008, 44 investment projects were implemented financed through the Government’s external borrowings. The projects were totally estimated USD 2.4 billion.
The Minister pointed that the most part of the funds (USD 2.5 billion) were borrowed in the 1990ies. “Back in the 1990ies funds were borrowed to cover current budget deficit, support institutional reforms in the public sector; however, since 2000 funds have been used to implement investment projects in such vital sectors as agriculture, transport, education, healthcare, social support, environment protection, support to S&MBs”, the Minister said.
According to the Minister, 41% of the borrowings were channeled to finance road construction projects, 22% - to finance other transport projects, with 12% being channeled into the agriculture sector.
Kazinform
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- National Laws and Decrees of the Kazakhstan President
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