Kazakhstan's public debt reaches $85.6 billion

Kazakhstan's public debt has reached approximately 38.8 trillion tenge ($85.6 billion), equivalent to 20.2% of GDP, Finance Minister Madi Takiyev said.

Report's Kazakhstan bureau informs that Takiyev presented the figures at a briefing at the Kurultai.

He said the public debt ceiling was set at 32% of GDP, while stress tests indicated that debt would not exceed 25% of GDP through 2030.

To reduce borrowing needs, the government is working to increase revenue and narrow the budget deficit, Takiyev said. Revenue rose by 30% year on year in the first nine months, and the Finance Ministry expects to meet its full-year revenue target.

Kazakhstan plans to reduce its budget deficit from the current 2.5% of GDP to 0.4% by 2029.