Republic of Kazakhstan: Staff Report for the 2010 Article IV Consultation—Informational Annex

The global financial crisis led to an abrupt halt in credit growth, exposed underlying vulnerabilities in the banking sector, and impaired GDP growth in Kazakhstan. Executive Directors commended the authorities for their prudent macroeconomic policies and swift response to the financial crisis. They stressed the urgency of implementing the bank resolution strategy accompanied by full assessment of recapitalization needs and improvements in the regulatory and supervisory frameworks. Directors highlighted the need for a well-capitalized and well-regulated financial system in facilitating economic diversification, and urged sustained efforts to improve governance and the business environment.


The global financial crisis led to an abrupt halt in credit growth, exposed underlying vulnerabilities in the banking sector, and impaired GDP growth in Kazakhstan. Executive Directors commended the authorities for their prudent macroeconomic policies and swift response to the financial crisis. They stressed the urgency of implementing the bank resolution strategy accompanied by full assessment of recapitalization needs and improvements in the regulatory and supervisory frameworks. Directors highlighted the need for a well-capitalized and well-regulated financial system in facilitating economic diversification, and urged sustained efforts to improve governance and the business environment.

Annex I. Kazakhstan: Relations with the Fund

As of June 1, 2010

Mission: Article IV consultation discussions were held on May 26-June 8, 2010 in Astana and Almaty. The concluding statement of the mission is available at

Staff Team: A. L. Coronel (head), A. Al-Eyd, and D. Rozhkov (all MCD), N. Raman (SPR), and N. Saker (MCM). D. Owen (MCD Reviewer) participated in keymeetings. D. Orynbaev (OED) joined some discussions.

Country Interlocutors: Prime Minister Massimov, parliamentarians, economic authorities, and members of the banking, business, and international communities.

Fund Relations: Kazakhstan accepted the obligations of Article VIII, Sections 2, 3, and 4 in 1996 and maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions. The exchange rate regime has been classified as a pegged exchange rate with horizontal bands (previously a managed float).

Statistical Issues: The authorities subscribe to the SDDS and the provision of data is adequate for surveillance purposes.

Outreach: The mission met with the local press and made a presentation on the regional economic outlook at the Kazakhstan National University.

I. Membership Status: Joined: 07/15/92; Article VIII

II. General Resources Account

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III. SDR Department

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IV. Outstanding Purchases and Loans None

V. Financial Arrangements

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VI. Projected Obligations to the Fund


VII. Safeguards Assessments

Not applicable to the National Bank of Kazakhstan (NBK) at this time.

VIII. Exchange Rate Arrangements

The currency of Kazakhstan is the tenge, which was introduced in November 1993. The official exchange rate is determined on the basis of foreign exchange auctions that are held daily. Auctions are held for U.S. dollars, euros, and Russian rubles, and official rates are quoted for over 30 other currencies on the basis of cross-rates. From late 1999 to October 2007, the exchange rate regime was a managed float with no preannounced path. Since October 2007 the tenge has effectively been pegged to the U.S. dollar. In February 2010, the trading band was widened and set at an asymmetric T150/US$ +10/-15% and an appreciation of 2 percent has occurred since. The exchange rates at numerous exchange bureaus are very close to the auction rate, and the spread between buying and selling rates is very small. The exchange system is free from restrictions on payments and transfers for current international transactions.

IX. Article IV Consultation

Kazakhstan is on the standard 12-month consultation cycle. The last consultation was concluded on July 8, 2009 (see IMF Country Report No. 09/300).

X. FSAP Participation and ROSCS

Kazakhstan participated in the Financial Sector Assessment Program (FSAP) in 2000. The staff report on the Financial Sector Stability Assessment (FSSA) was issued on November 27, 2000 (FO/DIS/00/142). The FSSA included the following ROSC modules: Basel Core Principles for Effective Banking Supervision, Core Principles for Systemically Important Payment Systems, Code of Good Practices on Transparency in Monetary and Financial Policies, IOSCO Objectives and Principles of Securities Regulation, and IAIS Insurance Core Principles. An FSAP Update mission took place in February 2004 and a second FSAP Update mission took place in March 2008. The fiscal transparency module was completed in October 2002 and the final report published in April 2003. A data module mission took place in April/May 2002, and its final report was published in March 2003. An update of the data ROSC was undertaken in 2006 and the report was published in February 2008 (see Annex V).

XI. Technical Assistance

Kazakhstan has received technical assistance and training by the Fund in virtually every area of economic policy, including through about 80 technical assistance missions provided during 1993–2010 by FAD, LEG, MCM, STA, and the IMF Institute. In addition to short-term missions, the Fund has provided resident advisors to the National Bank of Kazakhstan, to the Agency of Statistics of the Republic of Kazakhstan, to the Ministry of Finance, and a peripatetic expert to the Financial Supervision Agency. Other international agencies and governments, including the World Bank, EU TACIS, EBRD, UNDP, and OECD, also are providing a wide variety of technical assistance.

The following list summarizes the technical assistance provided by the Fund to Kazakhstan since 2002.

Monetary and Capital Markets Department

Technical assistance has enabled steady progress in a number of areas related to monetary and exchange affairs, including banking legislation, central bank accounting, payments system reform, central bank organization and management, foreign operations and reserve management, banking supervision, monetary statistics, currency issuance, monetary operations, and money-market development.

  1. December 2002: Sequencing of Capital Account Liberalization and Financial Sector Supervision

  2. January 2003: Assessment of the CPSS Core Principles for Systematically Important, Payment Systems and Transparency of Payment System Oversight

  3. September 2004: Bringing Banking Prudential Regulation up to EU Standards

  4. September 2004: Implementing Inflation Targeting: Next Steps

  5. November 2007: Strengthening Banking Supervision and Risk Assessment

  6. January 2009: Developing Banking Sector Stress Testing. As follow up, a peripatetic expert made a number of visits to the FSA over the course of 2009 and early 2010.

Fiscal Affairs Department

The Fiscal Affairs Department has given advice to Kazakhstan in the areas of tax and expenditure administration, the establishment of a treasury system, and the introduction of a social safety net.

  1. April 2003: Customs Administration

  2. 1997–2004: Treasury Modernization

  3. September 2004: Treasury Reform Process


The Fund’s technical assistance program in statistics has focused on the development of the institutional framework appropriate to the needs of a market economy. The assistance has concentrated on establishing procedures for collecting and compiling monetary, government finance, balance of payments (including external trade), and national accounts.

  1. November 2002: International Reserves Template

  2. January 2006: Real sector and balance of payments statistics

  3. August 2006: Real sector statistics

  4. December 2006: ROSC Update mission (and DQAF)

  5. April 2008: GFSM 2001 Implementation

  6. January 2009: Monetary statistics

Legal Department

December 2003: Draft Law on Mandatory Reporting on Certain Financial Transactions

April 2008: Reforms to Tax Law

April 2010: Anti-Money Laundering and Combating the Financing of Terrorism (jointly with the World Bank and United Nations Office on Drugs and Crime)

IMF Institute

Kazakhstani officials have participated in courses in Washington and at the Vienna Institute in the areas of macroeconomic management, expenditure control, financial programming, taxation, statistics, and other. In addition, the Fund’s Institute has conducted courses in the region. Seminars and training sessions have also been conducted by MCM and STA technical assistance missions.

XII. Resident Representatives

The position was terminated in August 2003, but he Fund maintains a local office in Almaty.

Annex II. Kazakhstan: Relations with the World Bank

(As of June 1, 2010)

1. Kazakhstan became a member of the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) in July 1992 and of the International Finance Corporation (IFC) in September 1993. The Bank’s lending program was curtailed earlier in this decade as a result of the country’s reduced borrowing needs, but in FY09 it was revived and four new projects were launched. In addition to lending activities, the Joint Economic Research Program (JERP) allows the Bank to transfer knowledge in support of the government’s critical development needs. In FY10 the total financing of JERP amounts to just over $2.7 million, of which about 69 percent is financed by the Government. JERP is built around four pillars aligned with the government’s strategic priorities: (i) reform of public administration and public finance; (ii) macroeconomic management and crisis mitigation; (iii) improvement in human development outcomes; and (iv) private sector development and improvement to business climate.

2. At present, the Bank’s program comprises thirteen projects (IBRD loans) with a total commitment of $2.7 billion, of which $315 million is disbursed and outstanding. Nine loans with total commitment amount of $2.6 billion are disbursing (Syr Darya Control and Northern Aral Sea - Phase I, Nura River Clean-Up, Agricultural Post-Privatization Assistance - Phase II, Agricultural Competitiveness, North-South Electricity Transmission, Forest Protection and Reforestation, Customs Development Project, Health Sector Technology Transfer, and South West Roads). Remaining four projects with total commitment amount of $107 million were either launched recently (Moinak Electricity Transmission), or pending effectiveness (on Tax Administration Reform six projects are under preparation: Irrigation and Drainage Improvement - Phase II, Vocational Education and Training, Syr Darya Control and Northern Aral Sea - Phase II, Statistical Capacity Improvement, Development Policy Operation, and South Kazakhstan Electricity Transmission (the latter under Sovereign Guarantee) with an expected financing envelope of about $1.4 billion.

3. Kazakhstan is the IFC’s largest client in Central Asia. As of the end of March 2010, IFC’s total committed portfolio in Kazakhstan amounted to $602 million of which $458 million were disbursed. IFC’s efforts in Kazakhstan are directed to foster private sector led growth, particularly in the non-extractive sectors and frontier regions. This includes ongoing support to the financial sector; and when possible, investments to promote SME development, manufacturing, infrastructure, and the service sector. In the financial sector, IFC is focusing on: (a) further stabilization, diversification and extension of the maturity of the funding base in the banking sector; and (b) establishment of the best international banking and corporate governance and regulatory environment. As the global financial crisis has deepened, IFC aimed to identify partner financial institutions to contribute to the stabilization of the financial sector and to effectively increase access to finance in the priority sectors in the economy. IFC’s investment portfolio is mostly in the financial sector and general manufacturing. In the past year, IFC has increased its investment program in Kazakhstan to help alleviate problems with access to finance. IFC grew its investments tenfold between FY05 and FY08 (from $11 to $110 million) and more than doubled commitments again in FY09, committing $243 million in 7 projects despite the financial crisis. In FY10 to date, IFC has already surpassed its FY09 commitment volumes with about $330 million committed in four financial sector projects, including equity, quasi-equity, and trade finance. IFC is also providing advisory services on corporate governance and infrastructure; and is currently in discussions to help the government to structure PPP projects and attract private investment in power generation, transmission, and distribution.

4. On May 25, 2010, a US$ 1 billion Development Policy Loan (DPL) to Kazakhstan was approved. The loan will provide budgetary support to the country to help it implement its current economic program and sustain living standards of the population in the aftermath of the economic crisis. The new loan supports the government’s economic program for ensuring financial stability and sustainable growth, with a particular focus on fiscal policy, budgetary management, and banking regulation.

Annex III. Kazakhstan: Relations with the EBRD

(As of June 1, 2010)

1. The EBRD is the largest investor outside the oil and gas sector in Kazakhstan. As of May 31, 2010 the EBRD’s total business volume in Kazakhstan, including co-financing, stood at €9.4 billion, with investments totaling €2.9 billion. The EBRD’s portfolio reached €1.7 million. During 2009, the bank signed 16 projects, including regional ones, for a total amount of EBRD finance of €436 million.

2. During the first five months of 2010 the EBRD signed 10 operations with total business volume of €273 million. The bank made a significant progress dealing with the investments in Industry, Commerce & Agribusiness (ABV 42 %) and Power and Energy (ABV 30%) and Infrastructure (ABV 18%). The bank’s business is promoting diversification of the economy, which is in line with the new country strategy approved in January 2010.

The EBRD’s main operational objectives for 2010

3. The EBRD’s strategic directions reflect the immediate need to help Kazakhstan weather the crisis and get on the path of economic recovery, as well as to assist the country in confronting its fundamental transition challenges.

Enterprise sector

4. Support for the corporate sector, including through addressing the immediate financing needs as part of crisis response, while promoting economic diversification and innovation, including utilization of best available technology, integration into the global economy (including through supporting inbound and outbound direct investment), best business and environmental practices, and energy efficiency. The bank’s engagement with Kazakhstani corporate clients will be underpinned by the principles of integrity, transparency and good corporate governance. The EBRD will seek to engender these principles further through greater use of equity instruments. Additional opportunities in the enterprise sector are likely to be offered by energy-efficiency projects as well as by participation in existing and new investment funds.

5. The Kazakhstan state’s involvement in the country’s economy is not likely to abate in the current post-crisis conditions. With that in mind, it will be strategically vital to develop an appropriate level of co-operation with the National Welfare Fund Samruk-Kazyna (SK). The Bank will selectively pursue opportunities to co-operate with SK at the project level, including in the corporate sector, in situations where the projects are based on sound market principles, and subject to the usual integrity considerations. The EBRD will also selectively consider possibilities to co-finance with such SK-owned institutions as the Development Bank of Kazakhstan, as well as through co-investing with SK in investment funds.

Financial sector

6. The EBRD will closely cooperate with the authorities and other IFIs to help formulate a vision for the financial sector with the aim of achieving a sustainable financial model, including through the scaling back over time of the government’s involvement in the banking system. Through targeted investment, policy dialogue and technical assistance, the EBRD will structure its work around that vision to help redress over-reliance on foreign wholesale funding and a still limited deposit base, FX lending to unhedged borrowers, excessive sectoral concentration of loan portfolios- in particular in construction and real estate- and shortcomings in risk management, corporate governance and transparency.

7. The banking sector will remain the primary conduit for channeling the bank’s funds to SME’s and into energy efficiency and climate change projects. To allow the Kazakhstan’s banking system to fulfill this role in a sustainable way, the EBRD will also seek to promote and support the development of local currency and capital markets through engagement with pension funds, increased involvement with non-bank financial intermediaries, and development of institutional capacity through both macro and micro (project-related) technical assistance. In particular, it will continue to support the emerging private equity sector in order to ensure a sufficient supply of risk capital in addition to debt funding.

8. The EBRD will seek to engage with non-bank financial institutions, including leasing and insurance companies, and non-bank micro-lenders, and will consider the possibility of launching a micro-finance bank.

Infrastructure and energy sectors

9. Support the development and transformation of infrastructure sectors, which is pivotal to further economic diversification and longer-term sustainable growth, while fostering commercial viability, competition, and private sector participation.


10. The EBRD will pursue rehabilitation of key international road corridors, for which sovereign support may be required, provided the financing package is accompanied by sector reform. To that end, the EBRD will seek to co-finance with other IFIs and to coordinate police advice and technical assistance.

11. In the rail segment, the EBRD will seek to replicate its existing successful transaction with Transtelecom, pursuing similar deals with other subsidiaries of Kazakhstan Temir Zholi (KTZ). In connection with the financing, the bank will provide technical assistance to support KTZ’s restructuring efforts based on the draft Rail Reform Strategy 2009–2014.

Municipal and Environmental Infrastructure (MEI)

12. The EBRD will continue to pursue development of creative mechanisms for financing municipal projects, replicating the successfully closed transactions in water/ waste water and municipal transport segments. In addition to urban transport and water/waste water projects, the bank will consider projects in the district heating segment, where historical underinvestment has created significant rehabilitation needs.

Power and Energy

13. The EBRD aims to advance the transformation of the energy sector through implementation of the “Sustainable Energy Action Plan” (“SEAP”) milestones. It will remain committed to financing bankable power and energy projects that have a positive systemic effect in the power sector—including use of best available technology, promotion of renewable sources, energy efficiency and environmental standards—for both state and private operators. The EBRD will also through technical assistance support the development of a legal framework that supports their market penetration, and strengthen regulatory agencies and tariff environment.

14. In keeping with its transition mandate, the EBRD will concentrate its operations and policy dialogue on promotion of the private sector and seek to further the diversification of ownership in the economy. To that end, it will selectively work with creditworthy state-owned companies if deemed consistent with the bank’s transition objectives, i.e., by requiring commercial viability, good corporate governance, and best business practices, in particular when privatization prospects are realistic, but also when, in the absence of an imminent privatization plan, there are opportunities to promote reform. In doing so, the bank will carefully balance its work with national companies to contribute to separation between ownership and regulation.

15. The EBRD will continue to ensure that all of its operations in Kazakhstan are subject to the bank’s 2008 Environmental and Social Policy and incorporate, where appropriate, Environmental and Social Action Plans.

Main trends in Kazakhstan portfolio over 2009–2010

Notable progress was made in the infrastructure sector

16. South-West Corridor Road Project. In March 2009, the EBRD signed a $180 million sovereign loan for the rehabilitation of West China - West Europe International Road Transit Corridor, a key international transport link connecting Europe with China. The EBRD financing will upgrade a 102 km section between the border with Russia and the city of Aktobe. Other sections of the corridor will be rehabilitated with loans provided by the World Bank, the Asian Development Bank, and the Islamic Development Bank, as well as with budget financing from the Government.

17. Kaztemirtrans project. In March 2010, the Bank signed a $50 million senior loan to support this important subsidiary of Kazakhstan Temir Zholi in its rolling stock renewal program.

The EBRD continues to focus on power and energy sector

18. At present the power sector is suffering from significant inefficiency and capacity underinvestment. As a response, the EBRD initiated and implemented Kazakhstan Sustainable Energy Finance Facility program (KAZSEFF). Under this program the EBRD via bank-partners will support private sector investments in energy efficiency and renewables with a $75 million framework. Kazakhstan bank-partners will provide loans to local companies to promote energy efficiency investments. Bank Center Credit with $10 million and ATF Bank with a $30.5 million loan are the first recipients under this facility.

19. In March 2009, the EBRD approved its first equity investment in the power sector of Kazakhstan, and is investing up to KZT 9.2 billion (€46 million equivalent) to acquire a stake in the private power company Central-Asian Electric Power Corporation (CAEPCO). The capital injection will be used for the company’s investment program up to 2013, including the upgrade and rehabilitation of CAEPCO’s generation and distribution assets to improve efficiency, reliability and performance. Also, in February 2010, the bank signed a $51.5 million financing for CHP Aktobe rehabilitation.

The EBRD continues its support and cooperation with Kazakhstan’s partners

20. In May 2009, the EBRD has approved two loans worth a total $100 million to ATF Bank to support lending to small and medium-sized enterprises and to promote energy efficiency of industrial companies.

21. As of May 2009 the total bank’s investments in the Kazakhstan’s banking system reached €1.5 billion including: bank equity €192 million; bank lending €674 million; nonbank financial institutions €47 million; SME finance €319 million. In 2008, the EBRD committed loans and guarantees under the Regional Trade facilitation program was about €50 million.

The EBRD made good progress in financing corporate sectors, especially agribusiness and oil services sectors

22. During 2009 the EBRD signed 4 projects in the agribusiness sector for the total EBRD finance $63 million. In 2009 and 2010 the bank supported KazExportAstyk, leading grain producing and trading company with two $15 million loans.

23. In March 2010, the EBRD signed a $50 million senior loan for Petrolinvest, supporting the exploration and oil production operations of the company, demonstrating its support to FDI and mid-sized operators committed to transparency and high operational standards.

Priorities for the coming year

24. In industry, commerce and agribusiness, the bank will support the industrial diversification strategy of the country while financing commercially viable, transparent projects across key industries.

25. In the financial sector, the bank will continue to provide long-term debt, to support the equity of banks and reduce the reliance of the sector on the state, with the long term aim of facilitating the introduction of strategic international investors and to reconnect banks to the international financial markets. In addition, EBRD will have an important role to play in working with private equity funds and non-bank financial institutions to promote the development of the local capital market as a complement to bank lending. Transparency of shareholding structures and the willingness to improve corporate governance will be a precondition to any future EBRD financing in Kazakhstan.

26. Power shortages are an important constraint on private sector development, especially in Southern Kazakhstan. To support the government with regulatory improvements and tariff reform will be key for EBRD’s operations in this area. The EBRD will focus on implementation of the Sustainable Energy Action Plan, financing priority investments in power generation and supporting energy efficiency and the use of renewable energy. Continued technical assistance will be given to improve sector regulation.

27. The transport and communication infrastructure will be key to the country’s long-term competitiveness and regional cooperation and integration. In addition to road infrastructure development, the EBRD will support the ongoing reform of the railway sector and financing improvements of railway infrastructure and rolling stock. Development of municipal and environmental infrastructure will be a priority.

EBRD Portfolio: May 31, 2010

In millions of euros

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Annex IV. Kazakhstan: Relations with the Asian Development Bank

(As of May 13, 2010)

1. Kazakhstan became a member of the Asian Development Bank (ADB) in 1994. As of May 2010, total public sector loan commitments amounted to $1.5 billion, covering 17 loans in agriculture and natural resources, education, finance, transport and communications, and water supply, sanitation, and irrigation. Kazakhstan is no longer eligible for concessional resources from the Asian Development Fund. As of March 2010, total loan disbursements amounted to $989 million. In recent years, ADB activities for Kazakhstan have focused on road transportation, SME development, water distribution, and private sector. Regional cooperation is a key theme.

2. ADB’s public sector operations in Kazakhstan picked up in 2008. A $700 million Multi-tranche Financing Facility (MFF) was approved by ADB in November 2008 for the CAREC Transport Corridor project. In 2009, ADB signed two loan agreements for the total amount of $527 million to reconstruct Zhambyl Oblast sections of the International Transit Corridor “Western Europe-Western PRC”. The Corridor project will improve a major transport corridor across the country, linking eastern and western neighbors, as well as opening up north-south routes. This is to be complemented by a proposed loan in 2010 for reconstruction of Aktau-Beineu Road section located in Mangistau oblast (western part of the country), which will connect Kazakhstan to its neighboring countries through the Caspian Sea.

3. ADB provided Kazakhstan assistance to help mitigate negative impacts of the global economic crisis. In September 2009, ADB provided a $500 million loan to Kazakhstan to support a government-run crisis-mitigation action plan and the employment-generation program. The loan was provided under ADB’s $3 billion Countercyclical Support Facility (CSF), which was established to support ADB’s developing member countries to increase fiscal spending to counter global turmoil. The Kazakhstan CSF loan helped the government shoulder anti-crisis expenditure requirements and thereby financed a part of the budget deficit. As part of the loan program activities, ADB will closely monitor the fiscal stimulus package to ensure its effective use, as well as assess microeconomic and financial sector performances.

4. As requested by the government, ADB is to provide support for Kazakhstan’s SME development, under a $500 million MFF in 2010. This intervention will address the government’s important funding need and support the development of more competitive SMEs and a more efficient financial sector. This will result in greater employment and decreased poverty and lead to more sustainable economic growth through diversification.

5. To assist the government in implementing the State Drinking Water Sector Program for 2002–2010, ADB provided a loan of $34.6 million in 2004 for basic water supply services and a capacity-building program designed to improve the living and health conditions of selected rural communities. It covered three oblasts of Kazakhstan: Akmola and North and South Kazakhstan. Given the State Drinking Water Sector Program extension up to 2015 and its focus on both rural and urban areas, ADB may continue its assistance to the water supply and sanitation sector of Kazakhstan with a new loan proposed for small and secondary towns.

6. ADB’s private sector operations in Kazakhstan began in 2006, and has historically focused on the banking sector, with five private sector financings in the amount of $375 million. ADB’s previous interventions with the banking sector through its private sector operation arm raised many issues and lessons, which will need to be addressed and reflected in the future proposed projects. Near-term ADB private sector financing prospects are in private infrastructure.

Annex V. Kazakhstan: Statistical Issues

(As of June 2010)

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Kazakhstan: Table of Common Indicators Required for Surveillance

(As of June 10, 2010)

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Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discounts rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Reflects the assessment provided in the update of the data ROSC published in February 2008, based on the findings of the mission that took place during November 29–December 13, 2006 for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 8, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

Republic of Kazakhstan: 2010 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Kazakhstan
Author: International Monetary Fund