The international rating agency Fitch affirmed Kazakhstan's sovereign credit rating at "BBB" level, the forecast is " stable". This was announced by the press service of the Ministry of National Economy of the Republic. “Among the main factors supporting Kazakhstan's rating are significant external buffers, foreign exchange reserves, a stable fiscal position, low levels of public debt, as well as moderate exposure to external risks,”, the text says.
Fitch analysts forecast a further strengthening of foreign exchange reserves as well as a narrowing of the current account deficit amid moderate import growth and an increase in oil production and exports.
According to agency analysts, the new fiscal rules limiting the growth of budget expenditures and guaranteed transfers from the National Fund of Kazakhstan should strengthen fiscal policy.
Fitch also pointed to relatively low risks of secondary sanctions and their impact on the republic's economy.