Republic of Kazakhstan: Selected Issues

International Monetary Fund

No 2017/109, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues Paper evaluates Kazakhstan’s oil rules, current fiscal stance, and long-term sustainability. The sharp and sustained drop in oil prices since 2014 has reduced the value of Kazakhstan’s oil wealth. Kazakhstan’s non-oil deficit path has been higher than suggested by long-term benchmarks, and adjustment is needed in the coming years to avoid fiscal sustainability risks and to promote intergenerational equity. Price-based fiscal rules can help anchor short- and medium-term fiscal policy. The non-oil deficit path introduced in the new National Fund of the Republic of Kazakhstan concept is broadly consistent with the proposed approach and should be followed by timely and decisive implementation of revenue and expenditure measures.

Keywords: ISCR; CR; price; Kazakhstan; exchange rate; oil price; production function approach; interest rate rule; trend growth; D. production function; import price shock; Oil prices; Exchange rates; Real interest rates; Exchange rate pass-through; Fiscal stance; Global; Eastern Europe (search for similar items in EconPapers)
Pages: 61
Date: 2017-05-09
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=44885 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2017/109

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().