IMF Staff Country Reports

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

Publication Date:

July 5, 2006

Electronic Access:

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Summary:

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.

Series:

Country Report No. 2006/244

Subject:

Banking Credit External debt Financial institutions Loans Money Oil prices Oil, gas and mining taxes Prices Taxes