External debt of Kazakhstan increases every year – the Chairman

17 May, 2018, 10:00 583
External debt of Kazakhstan increases every year – the Chairman

The gross external debt of Kazakhstan as of January 1, 2018 made up 167.5 billion dollars.

Chairman of the Accounts Committee for Control over Execution of the Republican Budget Natalia Godunova told about the external debt of Kazakhstan during the presentation in the Majilis, BNews.kz correspondent reports.

“The gross external debt of Kazakhstan increases every year. As of January 1, 2018 it was 167.5 billion dollars. Considering the debt of the government with the external debt of large subjects of the quasi-public sector, then in 2017 it was more than 55.5 billion dollars. In the past year, the President gave an instruction to establish a monitoring and control system over internal and external loans of the quasi-public sector and to put everything in order. The decision of the government taken in April of the present year to agree the volumes of external loans of subjects of the quasi-public sector, to monitor and control their internal and external debts is an important in our opinion, but not enough,” said Natalia Godunova.

She noted that an increase in debt of local executive bodies is also observed.

“As part of external governmental loans to implement investment projects, an increase of incomes to serve them is observed. At the same time, evaluation of the efficiency of the implementation of institutional projects on the achievement of tasks and goals set is not conducted. It is because of the absence of consolidating debt accounting. Nowadays, the Ministry of National Economy and National Bank deal with this issue,” said the speaker.  

According to the Accounts Committee, I general the debt sustainability of the country remains stable. The indication is ensured by increasing transfers from the National Fund.

“As the debt sustainability is the ratio of expenses for repayment and servicing the debt to own incomes. And the proportion of transfers from the National Fund in 2017 in the incomes of the republican budget was almost 46%, compared to a 2016 indication of more than 37%,” said Godunova.

Earlier, the head of the Accounts Committee said that according to the data of the public audit bodies, 508 billion tenge of budgetary funds was spent ineffectively.