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Kazakhstan’s Finance Ministry to unveil the actual economic situation in Kazakhstan to international rating agencies

In the Q1 2008 the Kazakhstan’s Finance Ministry is poised to expound the actual economic situation in Kazakhstan to the international rating agencies, Vice Finance Minister Daulet Ergozhin announced at the round-table discussion on investment funds and raising of the finance awareness of the populace.

Category: General
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“With regards to Kazakhstan, I believe the downgrading is not quite substantiated. I assume this was somewhat a panic-driven decision on the part of the rating agencies. I believe they might reconsider the ratings after we have shed the light on the situation. And we will get back to our regular position”, he said.

“Given a certain misunderstanding, we intend to hold a number of meetings in the Q1 with reps of the rating agencies and current investors to our economy so that to expound the general situation to them”, D. Ergozhin said.

“Downgrading is normally preceded by defaults, falling of budget revenues or some crisis-like events. While we, contrariwise, have outstripped the budget revenues targets, growth of revenues have been stable and we intend to maintain the same level of growth as was planned for the current year”, the Vice Minister said.