< strong>On September 9, the international rating agency Moody’s raised the long-term rating of the Republic of Kazakhstan from 02 to 01, the forecast is “stable”. The rating of the Agency is the highest for all the years of independence of the republic.
The increase in Kazakhstan's credit rating is due to the continued improvement of the institutional and policy environment, combined with a steady pace of economic diversification. These factors contribute to strengthening economic stability and improving credit sustainability to the level of higher-rated countries.
The agency notes progress in the areas of public administration and the fight against corruption. The ongoing reforms, according to analysts, have a positive effect on political stability, civic activity and the transparency of the anti-corruption measures taken. Moody's highlights Kazakhstan's stable financial indicators, characterized by a low level and high debt availability, as well as the government's balanced policy to maintain the budget deficit at a level of 2.5 – 3% of GDP.
New reforms, including the introduction of new budget and tax codes, should improve the effectiveness of budget policy, financial accountability and tax revenue.
The report notes an increase in the share of the non-oil sector in the structure of Kazakhstan's economy, which reduces the country's dependence on hydrocarbons and reduces the risks associated with fluctuations in oil prices and the level of production.
Experts positively assess the work to improve the business climate and attract investments, the measures taken to create a favorable business ecosystem and reduce bureaucratic barriers. The launch of a National Digital Investment Platform will help speed up administrative processes.
Moody’s analysts also noted stronger prospects for Kazakhstan's economy compared to other hydrocarbon-producing countries. According to the Agency, ongoing reforms will help strengthen the country's competitiveness. In addition, according to experts, the development of the transport and logistics sector remains one of the key factors for growth and diversification, which is due to the rapid growth of activity in the field of cargo transit along the Trans-Caspian International Trade Route (Middle Corridor). Prospects for the Middle Corridor will help attract foreign investors in various non-oil sectors of the country's economy, including automotive, pharmaceuticals, food processing and construction materials production.
Increasing Kazakhstan's credit rating contributes to strengthening economic and financial stability, improving the country's reputation on the international stage, and also has a positive effect on the conditions for attracting investment from the capital markets and increasing the volume of foreign direct investment. in the economy.