The banking sector of Kazakhstan is quite able to meet its obligations to foreign lenders, National Bank Chair Grigory Marchenko said.
“Kazakh banking sector is capable of discharging its foreign liabilities,” he said while answering the question of a Eurasian Media Forum participant on Thursday.
According to him, “as of summer 2007 Kazakhstan”s foreign debt amounted to $56 billion. As of April 1, 2009 foreign debt made up $35 billion.”
“That is, a quarter of the debt was repaid in a rather short time. As per ratio to GDP level, Kazakhstan”s foreign debt in 2007 amounted to 50% of GDP and it corresponds to 26% of GDP.
We believe that after Q2 of 2009 the banks will still be servicing the debt. By June it will become clear however, that the issue of foreign borrowings will be solved,” Marchenko said.
Meanwhile, as it was reported, Kazakhstan”s commercial Alliance Bank approached its foreign creditors with a proposal for debt restructuring, Interfax-Kazakhstan said.
