09/01/2026 07:58
Topic:
Kazakhstan
Ayan Bektybayeva
|
Dear Collegues !
Let me share overview of key developments in Kazakhstan over the past three years for the attention of country risk experts
1. Sovereign credit profile & macroeconomic resilience - 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.
2. Business environment - 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.
3. Reliability of counterparties & payment discipline - 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.
4. Banking sector resilience & state support - Stable and resilient banking system; stress events managed through timely regulation.
- State interventions strengthened liquidity, capital adequacy, and market confidence.
5. Corporate & quasi-sovereign financing - 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.
6. Investment support & legal certainty - 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.
7. Infrastructure & economic diversification - Investments in transport, energy, manufacturing, agribusiness, and renewables.
- Diversification reduces sector dependence, mitigates volatility, and strengthens regional/global supply chain roles.
8. Implications for international financial and insurance markets - 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.
Conclusion Over the past three years, Kazakhstan has achieved:
- Stronger sovereign credit profile
- Improved business environment
- Enhanced investor protection
- Economic diversification
- Resilient banking system
These developments, confirmed by international assessments and practical market behavior, provide a solid foundation for deeper cooperation with global insurers, ECAs, and financial institutions.
For any questions regarding Kazakhstan or specific regional developments, please feel free to reach out. I will provide detailed responses and, where appropriate, engage relevant government authorities to offer comprehensive insights.
Best regards,
Ayan Bektybayeva - Prague Club Vice Chair
Deputy Chairman of the Management Board
"Export credit agency of Kazakhstan" JSC
tel.: +7-778-102-79-01
email: a.bektybayeva@kazakhexport.kz
www.kazakhexport.kz |