Kazakhstan has improved its position in the OECD country risk rating
Kazakhstan has risen to the fifth country risk rating group, which is regularly conducted by the Working Group on Export Credits and Credit Guarantees of the Directorate for Trade and Agriculture of the OECD. Our country in this international structure is represented by the company KazakhExport (a subsidiary of the Baiterek holding).
The Organization for Economic Cooperation and Development (OECD) ranks all countries in the world according to eight risk categories. They are distributed depending on the credit risk assessment based on the analysis of three indicators: the practice of making payments, the financial condition of the country and its economic situation. This analysis is carried out by the OECD Working Group on Export Credits and Credit Guarantees, which, in turn, determines the cost of financing enterprises of any form of ownership and state bodies of a particular country using resources of export credit agencies. Kazakhstan for the first time participated in the meeting of this group in November 2017. At that moment, our country was in the sixth group.
Today, as a representative, KazakhExport regularly presents to the OECD members the export potential of Kazakhstan in the context of its financial instruments, indicators and development prospects. The company also informs international partners on measures of state support for export policy in our country, financial and institutional instruments and the main provisions of the National Export Strategy of the Republic of Kazakhstan until 2022.
In addition, KazakhExport held a series of negotiations with representatives of leading OECD countries, potentially having the opportunity to make a recommendation to increase the rating, presented presentation materials about the company’s efforts to implement international standards, procedures and recommendations in the field of financial and insurance activities of the Republic of Kazakhstan.
Improving the position in this ranking indicates the formation of a positive perception of information on strengthening the financial stability of Kazakhstan by OECD member countries, as well as developing the banking sector and raising the reliability status of our state as an international partner in the fulfillment of financial obligations.
It should be noted that JSC KazakhExport Export Insurance Company is a subsidiary of Baiterek Holding. KazakhExport supports the growth of exports of non-commodity goods, works, services in priority sectors of the economy and the formation of the practice of financial, insurance and non-financial support for Kazakhstan enterprises. The vision of KazakhExport ESC JSC by 2023 is to become a key development institution in the implementation of the state foreign economic policy of the Republic of Kazakhstan in the Central Asian region and the countries of the Eurasian Economic Union. For more information on state support tools in the field of export of products, please visit www.keg.kz.
Source: Central Communications Service of the Ministry of Information and Communications of the Republic of Kazakhstan