External debt management policy in Kazakhstan

Abstract

The study is aimed at comprehensive overview of the current external debt management policy in Kazakhstan. As a new modern state with ambitious strategic vision of becoming one of the most developed countries by 2050, Kazakhstan has to introduce sound external debt management institutions and ensure implementation of the effective policy. We examined the structure of statutory bodies engaged in external debt management and assessed their efficiency in regard to the current economic situation in Kazakhstan. The analysis defined positive and negative results of the external debt management policy in Kazakhstan. Philippine external debt management policy of the 1970-1980s was used for development of a new framework for Kazakhstan due to similarities in economic polices focused on attraction of foreign investments and infrastructure development. This framework was adapted to the established political and economic structure and its legislative base in Kazakhstan. The results of this study introduce the external debt management policy with excluded existing gaps in competencies and cooperation among public authorities, and statutory regulations on external debt in Kazakhstan.