Republic of Kazakhstan: 2022 Article IV Consultation-Press Release; and Staff Report

International Monetary Fund

No 2022/367, IMF Staff Country Reports from International Monetary Fund

Abstract: Inflation has surged to 18 percent while growth is projected to slow to 2.7 percent this year. High oil prices have strengthened fiscal and external buffers, while the revised budget increased public spending by 2½ percentage points of GDP to support activity. Subsidiaries of sanctioned Russian banks have exited the domestic market and regulatory compliance is being enhanced to avoid secondary sanctions. Risks to the outlook remain tilted to the downside, as adverse global conditions could lower oil prices and raise borrowing costs, while oil exports through Russian territory remain a major source of vulnerability. Accelerated economic diversification and private sector development are needed to attain sustainable and inclusive growth.

Keywords: IMF TA; climate strategy; General government Fiscal Operations; State social insurance fund; quasi-government entity; FSI website; Inflation; Government finance statistics; Fiscal stance; Financial soundness indicators; Global (search for similar items in EconPapers)
Pages: 60
Date: 2022-12-14
New Economics Papers: this item is included in nep-cis
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