Technical default of Kazakhstan's budget is possible in the near future - Majilis

Astana. December 6. KazTAG -  Technical default of the Kazakhstan budget is quite possible shortly, said Adil Zhubanov , Majilis deputy.
“The growth rate of government debt is significantly faster than the average annual growth rate of GDP. For example, over the past 15 years, the growth rate of government debt has remained on average 28%, and GDP 15%. If measures are not taken to correct this situation shortly, this may well lead to a technical default of our country’s budget,” Zhubanov said.
According to him, the public debt, as of July 1, 2023, amounted to T28.5 trillion.
“Republican budget expenditures on debt servicing will amount to T3.5 trillion by 2026, or 14% of all expenditures. At this rate, by 2030, debt servicing costs will amount to 49% of GDP,” Zhubanov added.