As part of the World Bank and IMF Annual Meetings, the Kazakh delegation headed by Deputy Prime Minister – Minister of National Economy Serik Zhumangarin held meetings with representatives of the three largest international rating agencies – Fitch, Moody’s, and S&P, DKNews.kz reports.
The Kazakh side was represented by Chairwoman of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova, senior officials of the Ministry of National Economy, the Ministry of Foreign Affairs, the National Bank, and the Baiterek Holding.
During the meetings, Kazakhstan’s delegation presented key macroeconomic indicators, medium-term forecasts, and the priorities of structural reforms aimed at ensuring sustainable economic growth.
Special attention was given to the country’s ongoing structural transformation. As noted by Serik Zhumangarin, Kazakhstan’s economy today is significantly more diversified than it was 15 years ago. In particular, the share of the oil sector in GDP has declined from 16.5% in 2010 to 8.1% in 2024. For the first time, the share of the manufacturing industry has surpassed that of the extractive sector, while over the past 20 years, the volume of foreign direct investment in manufacturing has increased severalfold. It was also noted that small and medium-sized enterprises now account for about 40% of GDP, compared to 25% a decade ago.
These changes demonstrate Kazakhstan’s transition from a resource-dependent model to a more sustainable and balanced economy.
In the first nine months of 2025, investments in fixed assets grew by 13.5%. In the first half of the year, inflows of foreign direct investment reached $10 billion, of which $6.3 billion were directed to non-extractive industries. The Government of Kazakhstan aims to further strengthen the state’s role in stimulating investment activity, with the goal of achieving a GDP volume of $450 billion by 2029.
The delegation also presented the results of large-scale reforms in fiscal and tax policy. The new Budget Code introduces two countercyclical rules designed to reduce the budget’s dependence on oil revenues and stabilize public spending. These include limits on the guaranteed transfer from the National Fund and on the growth of republican budget expenditures. The current year’s budget was developed in line with these principles, which will help reinforce fiscal sustainability.
Representatives of the rating agencies expressed strong interest in the implementation of the new Budget and Tax Codes, as well as in measures to contain inflation and maintain macroeconomic stability. Comprehensive responses were provided by the Kazakh side to all questions raised.
