From: EurasiaDigest (digest@eurasianet.org)
Date: Fri May 02 2008 - 15:21:19 EDT
KAZAKH FINANCE MINISTER COMMENTS ON DOWNGRADING OF COUNTRY'S ECONOMIC
RATING
At a press conference in Astana on April 30, Kazakh Minister of Finance
Bolat Zhamishev commented on the recent downgrading of the country's
economic credit rating from stable to negative by the Standard & Poor's
group, "Kazakhstan Today" reported. Zhamishev argued that "Kazakhstan's
ratings will change significantly in the short-term period, as the
macroeconomic situation is rather stable overall, and there are no
grounds to say that the situation may have a deteriorating trend." He
added that despite the negative rating, "we do not expect any emergency
situations and serious difficulties," and asserted that the Kazakh
banking sector remains sound. The Kazakh Ministry of Economy and Budget
Planning issued a press release the same day saying that it
"categorically disagrees" with the negative rating, stressing the
country's "high fiscal discipline, stable monetary policy, and
strengthening of the government's external balance." RG
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