Standard&Poor's confirmed the sovereign credit rating of Kazakhstan

ASTANA, Sep 5 - Sputnik. The sovereign rating of Kazakhstan at the level of "BBB-/A-3", the forecast "Stable" was confirmed by the international rating agency Standard & Poor's, the Ministry of National Economy reported.

Experts called the key factors supporting the rating of Kazakhstan, the strong fiscal and external balances of the country's economy.

"At the same time, net public debt is at a low level, and the state of the country's liquid external assets provides protection against external shocks," the message says.

The S&P report emphasizes that the country's fiscal and external balance sheets are sufficient to manage risk.

The deficit of the country's consolidated budget, according to analysts, will decrease to an average of 1.6% of GDP in the period 2023-2026, and efforts to reform tax policy and administration will contribute to the growth of state revenues.

The agency's experts highly appreciated the country's macroeconomic policy aimed at diversifying the economy through investment programs, reducing state participation, developing competition, and improving tax policy.

S&P predicts the growth of the Kazakhstan economy at the level of 4% in 2023-2026, the Ministry of National Economy added.