News

According to Nurlan Ospanov, head of the Kazakh Grain Union, Kazakhstani farmers can find themselves in a vulnerable position as they continue to struggle to find buyers for all the off-grade grain they have produced.

«Our potential in terms of grain exports is limited. We have China and Central Asia and we won’t supply grain any farther because it would require subsidizing transportation costs. Otherwise, it would be impossible to enter any new markets. That is why we are always talking about our traditional markets,» the head of the grain union said.

As Ospanov noted...

According to the Situational-Analytical Center of Fuel Energy Complex, oil output at the Karachaganak oil field has declined by 34% to 23,800 tons per day over the past several days.

«Karachaganak Petroleum Operating (KPO) reported a decline in oil output right after Tengizchevroil and the North Caspian Operation Company (NCOC) did so. The decline in production was caused by a Caspian Pipeline Consortium decision to stop oil loading operations due to bad weather in the port of Novorossiysk. On November 29, KPO reported a 34% decline in oil output from 36,000 to 23,800 tons per day...

Over the first nine months of this year, KAZ Minerals, a copper company, produced 301,200 tons, which is a 7% increase over the same period last year.

«Over the first nine months of 2023, KAZ Minerals produced more than 300,000 tons of copper, a 7% increase over the same period last year. We have achieved this goal thanks to the additional capacity of the second advanced enrichment facility in Aktogay,» the company said in a statement.

In addition, the company also increased production of zinc in concentrate by 24% to 36,400 tons as extraction took...

The Internal Ministry of Kazakhstan suggested prohibiting the issuing of Individual Identification Numbers (IIN) to foreigners through the e-government website. The ministry wants foreigners to visit Public Service Centers and file their applications in person.

What happened? The Ministry of Internal Affairs of Kazakhstan has published a draft document with changes to the rules for «forming and correcting of individual identification numbers to foreigners and stateless people who are temporarily staying in Kazakhstan.»

If the document is approved, foreigners and stateless people will be forced to file an application to form an IIN by appearing at a nearby Public Service...

The Agency for Regulation and Development of the Financial Market (ARDFM) of the Republic of Kazakhstan wants to amend the rules for disclosing information about transactions between companies managing investment portfolios and insiders, according to the legalacts.egov.kz website.

The new version of the rules is going to require brokers, dealers and managing companies to report to their boards about all transactions with insiders as soon as such information becomes available. At the same time, a risk managing division must obtain this information each month. The companies will be obliged to count such transactions if the amendments are approved.

The explanatory...

Kazakhstan is going to borrow $350 million from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) to facilitate its national economy to rebound from consequences caused by the COVID-19 pandemic that officially ended on May 5, 2023. In particular, the country’s government wants to spend this money on reforming the system of budget management and the financial sector in Kazakhstan, according to the AIIB website.

The country’s application passed through conceptual evaluation on November 9, 2023. The deal is expected to be approved on December 14, while the loan itself must be closed by the end...

The Prosecutor’s Office of the Ulytau region has protected the rights of a Chinese investor after local fiscal authorities almost paralyzed the operation of Mezgilder Qushteri, a company that is constriction a wind power station worth $163 million, according to the press service of the law enforcement agency.

What did the fiscal authorities do? As the Prosecutor’s Office reported, fiscal authorities blocked transactions of the company’s banking account and even requested the court to cancel the state reincorporation of a legal entity, even though the company is located at the same address where it has been registered.

The country’s health authorities have deployed more than 3,500 hospital beds for those who contracted measles, although the number of cases continues to grow. About 30 children, including newborn infants, were admitted to intensive care units.

What happened? Health Minister Ms. Azhar Giniyat disclosed information on the situation with measles in the country during a cabinet meeting. According to the official, 17,687 measles cases have been reported so far. Children under 14, most of them unvaccinated, accounted for more than 82% of the disease cases.

«Among those who have been admitted to intensive care units are...

Since the beginning of this year, the goods turnover between Kazakhstan and China has grown by 24%. This figure was revealed during a meeting between Prime Minister of Kazakhstan Alikhan Smailov and Vice Premier of China Ding Xuexian who came to Astana on an official visit.

«Over the past ten months, the trade between our countries has grown by 24%. I think this is a good tempo that can help us to reach $40 billion in goods turnover, a goal that was set by the leaders of our countries,» Smailov said.

He also noted that...

A special-purpose committee of Zhogorku Kenesh, the parliament of Kyrgyzstan, has approved a draft law on changes to the national flag of Kyrgyzstan, according to Azattyq. The document was initiated by deputies who don’t like the current version of the flag with a picture of the sun that resembles a sunflower.

What happened? The parliament’s committee on constitutional legislation, state structure, litigation issues and procedures has approved a draft law on introducing changes to the national flag. Initiators of the document are Speaker of Zhogorku Kenesh Nurlanbek Shakiev and MP Ulan Primov.

What is the reason for changing the flag?

Venture investment funds from the U.S. are reluctant to invest their money into IT startups from Central Asia, the Caucasus and Eastern Europe because of their proximity to Afghanistan, Russia, Iran and China, according to Anatoly Motkin, president of StrategEast, an organizer of The StrategEast State and IT Eurasian Forum.

Motkin believes that the weakness of the IT export and brain drain are some of the most acute problems for Central Asia, including Kazakhstan. He is calling for countries in the region to pay more attention to countries of the Persian Gulf as they are less conservative than the U.S...

The government of Kazakhstan plans to double the size of the national economy to $450 billion by 2029. This goal was disclosed by Prime Minister Alikhan Smailov during a meeting of the Foreign Investors Council (FIC).

What did the prime minister say? According to the press service of the prime minister, the government is going to attract at least $150 billion in foreign investments by 2029.

«We are inviting our foreign partners to invest in projects in Kazakhstan,» Smailov said.

As the press service reported, the meeting included representatives of companies such as Ernst...

According to La Tribune, France wants to sell Rafale fighter aircraft to Kazakhstan and Uzbekistan.  A source the newspaper talked to said that the two countries are interested in the deal. However, the Ministry of Defense of Kazakhstan denied this information.

Why does France want to sell its fighter aircraft? According to several people familiar with the matter La Tribune has cited, France wants to sell Rafale fighter aircraft by Dassault Aviation to Kazakhstan and Uzbekistan in order to deepen bilateral relations with these two countries.

«This was the main purpose of Emmanuel Macron’s visit to...

TipTopPay, a payment company from Singapore, announced that it has acquired a 100% stake in CloudPayments Kazakhstan, a Kazakhstani online payment service for businesses. No details about the financial terms of the deal have been provided.

Tiang Wong, a managing partner of TipTopPay, has commented on the deal.

«We are happy to enter the market of Kazakhstan, the leading economy in Central Asia with a high level of digitalization and fast-growing e-commerce. All of this provides good opportunities for an online payment business. I am convinced that the advanced payment system by CloudPayments has a promising...

According to KazMunayGas, a national oil company in Kazakhstan, over the first nine months of this year, the company’s revenue declined to $13.4 billion or by 10.2% compared to the same period last year.

The net profit of KMG has decreased to $2.095 billion over the period from January to September compared to $2.532 billion over the same period last year (-18.3%). EBITDA dropped by 15.8% to $3.7 billion and cash flow declined by 53.4% to $1 billion, while capital expenditures of the company, in contrast, have risen by 72.1% to $1.1 billion. KMG’s overall debt declined by 3.2% to...

KazMunayGas has announced that it closed a deal with TotalEnergies EP Danmark A/S, a subsidiary of TotalEnergies, and acquired 100% in Total E&P Dunga GmbH which owns a 60% stake in the Dunga oil field.

«KazMunayGas (KMG) announces that a deal to acquire 100% shares in the charter capital of Total E&P Dunga GmbH and ownership rights in the Dunga project from TotalEnergies EP Danmark A/S (a subsidiary of TotalEnergies) is closed. The deal was executed under the agreement on sale and purchasing signed by KMG and TotalEnergies EP Danmark A/S earlier this year,» the oil...

Kyrgyzstan’s authorities want to impose a $56 fine on citizens for abstaining from presidential and parliamentary elections, the 24.kg website reported.

What happened? Tazabek Ikramov, a member of the Kyrgyz parliament, proposed to make participation in presidential and parliamentary elections compulsory for voters in Kyrgyzstan. The only exception would be for those who have reasonable excuses.

«If every citizen fulfills his obligations and participates in elections, it will be impossible to buy the votes of the entire population and elections would be fair,» Azattyk reported, citing Ikramov.

How did the country’s central election committee react?

According to the press service of Kazakhstan’s cabinet, the government has summarized the annual results of work within the national program aimed at reclaiming assets illegally obtained or withdrawn from the country.

How much money has the government returned? As the country’s cabinet reported, it managed to reclaim about $2.1 billion in assets. These efforts have been undertaken in order to meet election promises President Kassym-Jomart Tokayev made during the presidential campaign last year.

What figures did the government announce previously? On November 7, the Anti-Corruption Agency said that over the first ten months of this year, authorities reclaimed...

According to a national energy report by the Kazenergy association, Kazakhstan is going to struggle to keep its share in the global oil market because the total costs of exploration and production on standard projects have reached $70 per barrel.

«The comparative analysis of exploration and production costs for standard projects that are going to be set into operation within the next few years in different oil-producing countries by S&P Global shows that Kazakhstan (and other oil producers in Eurasia) may find it very difficult to keep up with competitors, let alone increase its share in...

VietJet Air, a low-cost carrier from Vietnam, is weighing the possible acquisition of Qazaq Air, a Kazakhstani airline, and the airport of Aktobe, according to Transport Minister of Kazakhstan Marat Karabayev.

«We are talking about selling Qazaq Air and attracting an international investor. This issue is quite complex. This morning we met with representatives of a foreign airline that said it would buy an additional 50 aircraft for Qazaq Air if it acquires the company,» the minister said during a briefing for the media.

The official also highlighted that Vietnamese SOVICO Group (VietJet Air) has...

According to Nicolas Blancher, deputy head of the International Monetary Fund department on the Middle East and Central Asia and head of the IMF mission to Kazakhstan, the country’s GDP will grow by 4.8% this year.

«In terms of economic activity, we see that economic growth has been quite steady this year and we are now forecasting that it is going to be at 4.8% this year. This growth is driven by all economic sectors including oil and non-oil industries,» he said during a briefing on preliminary results of the annual review...

Halyk Finance has advised the National Bank of Kazakhstan to take a pause in the cycle of decreasing the base rate. The latest survey published on the company’s website, says that the broker has revised its attitude toward the key indicator of the country’s monetary policy.

According to the company’s analysts, in early November they thought that it would be a good idea to reduce the base rate to 15% by the end of this year due to the assumption that the inflation rate would reach 10% year-on-year in December. In addition, the experts didn’t rule out that the price...

According to Health Minister of Kazakhstan Ms. Azhar Giniyat, Pfizer will open a new regional center in Kazakhstan that will also cover Caucasus, Mongolia and other Central Asian countries.

What happened? Giniyat met with representatives of the Pfizer pharmaceutical company to discuss cooperation on contract manufacturing of the Prevnar 20 vaccine. The two sides also discussed the opening of the company’s office in Kazakhstan.

«We know that Pfizer will open a new regional office in our country to cover Caucasus, Central Asia and Mongolia. We are welcoming the move and we hope that in addition to...

The international rating agency Fitch has affirmed Kazakhstan’s sovereign credit rating at ‘BBB’ with a stable outlook.

«Fitch Ratings has affirmed Kazakhstan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB’ with a Stable Outlook,» the agency said in a statement.

The rating reflects strong fiscal and external balance sheets that have proven resilient to external shocks, and financing flexibility underpinned by accumulated oil revenue savings. Set against these strengths are its very high dependence on commodities, high inflation that partly reflects a less developed macroeconomic policy framework relative to ‘BBB’ peers, and weak governance...