Kelimbetov dismisses fears over national companies’ debt

business and economy

Kelimbetov dismisses fears over national companies’ debt

By SRI ⋅ May 5, 2009 ⋅

(SRI) - Head of Samruk-Kazyna, the state investment and holding company, dismissed doubts about the ability of Kazakh national companies to repay their external liabilities, Interfax reported last week.

“We closely monitor the situation, and there are no reasons to worry,” Kairat Kelimbetov, the chairman of Samruk-Kazyna, said during a Majilis session. “The companies’ foreign debt amounts to approximately $16 billion. Of those, 70 percent belong to KazMunaiGas, 7 percent to Kazakhstan Temir Zholy, and 10 percent fall on the Development Bank of Kazakhstan. The liabilities are mostly due in 2012-2013.”

In the current year, the national companies reportedly need to repay less than $2 billion.

Samruk-Kazyna was set up last October to manage Kazakhstan’s energy, mining and infrastructure assets. It was created by combining assets held by the Samruk Holding Company and the Kazyna Development Fund and share holdings held directly by the Kazakh government. It reportedly controls 404 subsidiaries, in-house and affiliated companies.