The country’s strong fiscal and external balances remain the key factors supporting its credit rating, ensuring sufficient reserves to mitigate potential external risks.

Analysts at S&P forecast that Kazakhstan’s liquid external assets will significantly exceed its external debt.

The agency also highlights that the planned increase in oil production and the expansion of capacities at the Tengiz oil field will have a positive impact on economic growth.

The report notes that Kazakhstan’s medium-term fiscal trajectory will depend on compliance with fiscal rules. The expansion of the tax base and limitations on additional transfers from the National Fund of Kazakhstan are expected to help reduce the budget deficit.

Additionally, S&P underlines the resilience of Kazakhstan’s banking sector to geopolitical and macroeconomic risks. According to analysts, second-tier banks maintain sufficient capital buffers and stable liquidity levels.