Republic of Kazakhstan: 2006 Article IV Consultation—Staff Report; and Public Information Notice on the Executive Board Discussion

International Monetary Fund

No 2006/244, IMF Staff Country Reports from International Monetary Fund

Abstract: The discussions centered on the needed steps to tighten monetary conditions, curb banks’ external borrowing, and reduce banks’ vulnerability to a sharp deterioration in the quality of loan portfolios. Strong expansion in oil and non-oil receipts in 2005 permitted continued rapid spending growth within a sharply increasing surplus position of the overall budget. The authorities recognize that structural reforms to enhance the investment climate are critical for sustaining the non-oil sector’s growth prospects. Significant gains in productivity will be required to offset the impact of the inevitable trend real exchange rate appreciation.

Keywords: ISCR; CR; tenge; U.S. dollar; nominal interest rate; current account; cross-border activity; cash position; Loans; Oil prices; Credit; Oil; gas and mining taxes; Global; Central Asia; Europe (search for similar items in EconPapers)
Pages: 46
Date: 2006-07-05
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