• Investment-grade sovereign ratings maintained by leading agencies despite global volatility.
  
• Agencies highlight improvements in fiscal management, public debt levels, external buffers, and the stabilizing role of sovereign wealth assets.
  
• Enhanced policy coordination and fiscal discipline reduce the probability of systemic stress.
  

• Notable reforms in business registration, contract enforcement, investor protection, and access to finance.
  
• Progress in regulatory quality, digitalization, and government-business interaction is reflected in daily commercial operations.
  

• Public and private companies show improved payment discipline and stable financial track records.
  
• Operational and credit risks are reduced for insurers, export credit agencies, and lenders.
  
• Corporate governance and risk management align increasingly with international norms, especially among export-oriented enterprises.
  
• Kazakhstan’s ECA actively underwrites risks for export-oriented companies, with debt service history evaluated positively.
  

• Stable and resilient banking system; stress events managed through timely regulation.
  
• State interventions strengthened liquidity, capital adequacy, and market confidence.
  

• Active participation in international capital markets by state and quasi-state entities.
  
• Private corporates attract strategic partners for investment and technology collaboration.
  
• Improved sovereign ratings facilitate external financing and project launches.
  

• Expanded toolkit: project facilitation, targeted incentives, strategic frameworks.
  
• Astana International Financial Centre (AIFC) provides English-law principles and independent dispute resolution, enhancing confidence in long-term, capital-intensive projects.
  

• Investments in transport, energy, manufacturing, agribusiness, and renewables.
  
• Diversification reduces sector dependence, mitigates volatility, and strengthens regional/global supply chain roles.
  

• Trends in sovereign ratings, business environment, banking stability, corporate financing, and institutional quality indicate a gradual reduction of country risk.
  
• Opportunities expand in infrastructure, trade finance, project finance, political risk insurance, and structured financial products.
  
• Improved institutional quality, counterparty reliability, and external financing access signal significant long-term potential.
  

• Stronger sovereign credit profile
  
• Improved business environment
  
• Enhanced investor protection
  
• Economic diversification
  
• Resilient banking system
  

Dear colleagues,

With the ongoing troubles in Kazakhstan would you kindly share if you are experiencing any difficulties in payments from the country in addition to your current cover policies or if possible, considerations on limiting cover.

EKF is currently considering tightening our cover policy on private buyers to "tight resetrictions" from "modest restrictions" i.e. a min. requirement to only acccept CC1-rates buyers on LT transactions. This in view of the country risk having likely taken a turn for the worse in the medium-long-term.

Our current cover policy:

Sovereign buyers: Open for cover
Sub-sovereign buyers: cbc
Banks: Only the strongest banks on LT acceptable
Private buyers: Min. CC2 on LT, robustness to currency mis-match on MT
LT commitments: EUR 100 m
ST commitments: none

Kind regards
EKF