World Bank2013-03-262013-03-262011-05https://hdl.handle.net/10986/12945A World Bank mission visited Kazakhstan from July 15-23, 2010, to undertake a comprehensive assessment of debt management operations using the Debt Management Performance Assessment tool (DeMPA). The DeMPA report provides an overview of strengths and weaknesses in government debt management in Kazakhstan, as evaluated at end-July, 2010. The scores demonstrate that areas of strength clearly outnumber areas where policies and practices fall short of minimum standards for effective debt management. Areas of strength include the legal framework, governance, and operational risk management, coordination with fiscal and monetary policies, as well as debt recording and reporting. Such strengths are impressive, taking into account the relatively low debt level and modest recourse to both domestic and external borrowing. However, many areas displaying relatively low scores would benefit from attention and reform. This need is most pressing in the context of developing a medium-term debt management strategy, which would involve outlining the preferred composition of debt based on cost-risk analyses, and would provide guidance not only for the government s borrowing but also for market development.en-USCC BY 3.0 IGOACCOUNT RISKACCOUNTINGANNUAL BORROWING PLANANNUAL BORROWING PLANSAUCTIONAUCTIONSBANK ACCOUNTBANK ACCOUNTSBANK DEBTBANK FINANCINGBANK GUARANTEEBANKING SECTORBANKING SYSTEMBIDBORROWING PLANBORROWING PLANSBROKERAGEBROKERAGE FIRMSBROKERSBUDGET DEFICITBUDGET SURPLUSESBUDGETINGCAPITAL ADEQUACYCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCASH BALANCECASH BALANCESCASH FLOWCASH FLOWSCASH MANAGEMENTCENTRAL BANKCENTRAL GOVERNMENT DEBTCENTRAL SECURITIES DEPOSITORYCOMMERCIAL BANKSCOMMODITY PRICESCOMPOSITION OF DEBTCONTINGENT LIABILITIESCONTRACTUAL OBLIGATIONSCOUPONCOUPON DATESCREDIT RISKCREDIT RISKSCREDITORCREDITORSCREDITSCURRENCY COMPOSITIONDATA STORAGEDEBTDEBT DATADEBT DATABASEDEBT FLOWSDEBT ISSUANCEDEBT LEVELDEBT LEVELSDEBT MANAGEMENTDEBT MANAGEMENT ACTIVITIESDEBT MANAGEMENT ENTITYDEBT MANAGEMENT OPERATIONSDEBT MANAGEMENT STRATEGYDEBT PORTFOLIODEBT RATIOSDEBT RECORDINGDEBT REPAYMENTDEBT REPORTINGDEBT SECURITIESDEBT SERVICEDEBT SERVICE PAYMENTSDEBT STOCKSDEBT SUSTAINABILITYDEBT SUSTAINABILITY ANALYSISDEBT TRANSACTIONSDEBT-SERVICEDEBTORDEBTOR REPORTING SYSTEMDERIVATIVESDEVELOPING COUNTRIESDEVELOPMENT BANKDISASTER RECOVERYDISBURSEMENTDISBURSEMENTSDIVERSIFICATIONDIVERSIFICATION OF INSTRUMENTSDOMESTIC BORROWINGDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC DEBT MARKETDOMESTIC MARKETECONOMIC DEVELOPMENTECONOMIC POLICYELECTRONIC AUCTIONSELECTRONIC PAYMENTEXCHANGE RATEEXCHANGE RATESEXISTING DEBTEXPENDITURESEXPORT EARNINGSEXTERNAL BORROWINGEXTERNAL BORROWINGSEXTERNAL DEBTEXTERNAL FINANCINGEXTERNAL FUNDINGFINANCIAL ACCOUNTSFINANCIAL ANALYSISFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARYFINANCIAL MARKETSFINANCIAL STABILITYFINANCING NEEDSFISCAL POLICYFIXED INTERESTFIXED INTEREST RATEFIXED RATEFOREIGN CURRENCYFOREIGN INVESTMENTFOREIGN MARKETSFORMAL BORROWINGGOVERNMENT BANKGOVERNMENT BORROWINGGOVERNMENT BORROWINGSGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT GUARANTEEGOVERNMENT GUARANTEESGOVERNMENT REVENUESGOVERNMENT SECURITIESGUARANTIESHUMAN RESOURCEINDEBTEDNESSINDEXED BONDSINDIVIDUAL LOANINDIVIDUAL SECURITIESINFLATIONINFORMATION SHARINGINSTRUMENTINSURANCEINTEREST PAYMENTSINTEREST RATEINTEREST RATESINTERNAL AUDITINTERNATIONAL BONDINTERNATIONAL BOND MARKETSINVESTMENT PLANSINVESTMENT POLICYINVESTMENT PURPOSESISLAMIC BONDSISSUANCEISSUANCE OF GOVERNMENT SECURITIESISSUANCE OF GUARANTEESLACK OF INFORMATIONLEGAL FRAMEWORKLENDERLIMITED ACCESSLIQUIDITYLOANLOAN CONTRACTLOAN GUARANTEESLOCAL CURRENCYLOCAL GOVERNMENTLOCAL GOVERNMENTSLONG-TERM DEBTLOW DEBTMACROECONOMIC POLICIESMARKET ACCESSMARKET BORROWINGMARKET CONDITIONSMARKET DEVELOPMENTMARKET RISKSMARKET TURNOVERMATURITIESMATURITYMATURITY PERIODMONETARY POLICIESMONETARY POLICYNATIONAL BANKNON-PERFORMING LOANSOIL PRICESOUTSTANDING DEBTOUTSTANDING DEBT SECURITIESOVERDRAFTOVERDRAFT FACILITYOVERDRAFTSPAYMENT ORDERSPENSIONPENSION FUNDPENSION FUNDSPENSION SYSTEMPORTFOLIOPORTFOLIO CHOICEPRIMARY MARKETPRINCIPAL PAYMENTSPROVISIONING RULESPUBLIC BORROWINGPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC INVESTMENTPUBLIC SECTOR DEBTRECEIPTSRECESSIONREGISTRY SYSTEMRISK MANAGEMENTSAVINGSSECONDARY MARKETSECURITIESSHAREHOLDERSSOURCE OF FUNDSSOVEREIGN DEBTSOVEREIGN ENTITIESSTATE GUARANTEESSTOCK EXCHANGESTOCK MARKETSTOCK MARKET CAPITALIZATIONSTOCKSSUKUKSURETIEST-BILLST-BONDSTAXTAX POLICYTOTAL DEBTTOTAL EXTERNAL DEBTTRADINGTREASURYTREATIESTURNOVERUSE OF DERIVATIVESWARRANTSWorld Bank10.1596/12945