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Kazakhstan Reduces External Debt in 2024 Thanks to Economic Development

Saturday, 04 January 2025, 18:05 “Kazakhstan’s economic position is very good” In a lengthy interview with the newspaper Ana Tili, President Kassym-Jomart Tokayev discussed Kazakhstan’s achievements throughout 2024. Economist Iskender Sharsheyev also spoke with Vesti.kg about Kazakhstan’s current economic standing and the republic’s potential for the upcoming year. “Kazakhstan experienced challenging times last year, including high inflation and rising prices,” Sharsheyev noted. “Despite that, the economy grew dynamically, in part due to re-export activities. Among Central Asian countries, Kazakhstan has one of the largest and most liberal economies. Because of this, the country’s external debt had dropped to $165.8 billion by October 2024. Kazakhstan is now well positioned to develop international markets, venture capital, investments, and trade relations. While the economy is seen as hydrocarbon-dependent, there are clear reasons for its growth and success—such as parallel imports—despite sanctions and external pressures. Kazakhstan’s strategic location and well-developed logistics foster a strong surplus in the economy, which is expected to continue in 2025,” the expert emphasized. President Tokayev highlighted a series of significant events in 2024, including the implementation of large-scale projects in the mining, petrochemical, and metallurgical sectors. He added that the manufacturing industry has been expanding actively, with its share in the industrial structure now approaching that of the mining sector. Tokayev also praised Kazakhstani farmers for harvesting nearly 27 million tons of grain—a record high over the last decade. “At the start of last year, I said in an interview that 2024 would be a defining year for Kazakhstan in many ways, and it proved true,” Tokayev stated. “By launching systemic and at times painful economic reforms, we have laid a solid foundation for the country’s development over the next five years. Many projects and initiatives have already been realized, and there are even more on the horizon.” Source: https://vesti.kg/zxc/item/134206-za-schet-razvitiya-ekonomiki-kazakhstan-v-2024-godu-sokratil-svoj-vneshnij-dolg.html

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