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ADB Throws $1B Lifeline To Kazakhstan To Help Counter Economic Slowdown
The Asian Development Bank (ADB) said on Friday that it has approved a loan of $1 billion for Kazakhstan in an effort to help counter an economic slowdown driven by a tumble in global oil prices that forced the nation to devalue its currency, the tenge. “This loan from ADB’s Countercyclical Support Facility will give the country the fiscal leeway … Continue reading
Kazakhstan Officially Accepted As Member Of The World Trade Organization (WTO)
After two decades of negotiations to join the World Trade Organization (WTO), Kazakhstan was finally approved to join the international trade body on Monday. WTO members formally adopted Kazakhstan’s WTO terms of entry at the General Council meeting, where Kazakh President Nursultan Nazarbayev signed the country’s protocol of accession with WTO Director General Roberto Azevedo. The northern Central Asian nation is … Continue reading
Kazakhstan Slashes Budget, Blaming ‘Global Crisis’
By Naubet Bisenov Kazakh President Nursultan Nazarbayev has ordered his government to adopt new “anti-crisis” measures including cutting budget spending by 10% in order to overcome the current economic difficulties. Nevertheless he claimed that “there is no economic crisis in Kazakhstan” and blamed the “global” economic crisis for the country’s economic troubles. At a government meeting … Continue reading
As Oil Remains Under Pressure, S&P Cuts Kazakhstan To BBB
Standard & Poor’s Ratings Services has cut its long-term foreign and local currency sovereign credit ratings of Kazakhstan from BBB+ to BBB with a negative outlook. At the same time, the agency affirmed the country’s short-term foreign and local currency sovereign credit ratings at A-2. In addition, the agency downgraded the country’s national scale rating to … Continue reading
Kazakhstan Hopes To Finalize WTO Membership Talks This Year
By Naubet Bisenov BNE Kazakhstan hopes to finalize its WTO membership negotiations this year after final talks with the US, Kazakh First Deputy Prime Minister Bakytzhan Sagintayev told the Almaty Investment Forum on October 17. Astana has already completed WTO membership formalities with Brussels. “We can see the light at the end of the tunnel … Continue reading
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