Republic of Kazakhstan: Selected Issues

May 9, 2017

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Format: Chicago

Republic of Kazakhstan: Selected Issues, (USA: International Monetary Fund, 2017) accessed November 21, 2024

Summary

This Selected Issues Paper evaluates Kazakhstan’s oil rules, current fiscal stance, and long-term sustainability. The sharp and sustained drop in oil prices since 2014 has reduced the value of Kazakhstan’s oil wealth. Kazakhstan’s non-oil deficit path has been higher than suggested by long-term benchmarks, and adjustment is needed in the coming years to avoid fiscal sustainability risks and to promote intergenerational equity. Price-based fiscal rules can help anchor short- and medium-term fiscal policy. The non-oil deficit path introduced in the new National Fund of the Republic of Kazakhstan concept is broadly consistent with the proposed approach and should be followed by timely and decisive implementation of revenue and expenditure measures.

Subject: Exchange rate pass-through, Exchange rates, Financial services, Fiscal policy, Fiscal stance, Foreign exchange, Oil prices, Prices, Real interest rates

Keywords: CR, D. production function, Eastern Europe, Exchange rate, Exchange rate pass-through, Exchange rates, Fiscal stance, Global, Import price shock, Interest rate rule, ISCR, Kazakhstan, Oil price, Oil prices, Price, Production function approach, Real interest rates, Trend growth

Publication Details

Pages:

61
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/109
Stock No:

1KAZEA2017002
ISBN:

9781475598759
ISSN:

1934-7685

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