ANALYSIS: As of March 1 of 2008 the total state debt of Kazakhstan, issued as GS along with its servicing totaled KZT1,133.1 bn. or $9.4 bn.

/IRBIS, Raushan Tundybayeva, March 19, 08/ - As of March 1 of 2008, the total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (amount of coupon payments) equaled in current prices to KZT1,133.1 bn., or $9,374.3 m. at the rate of KZT120.87 per a dollar. IRBIS specialists made such a conclusion after analyzing its databases. While making the analysis, the amounts of future payments on MEIKAM were calculated taking into consideration consumer price index, which had been fixed for the period from December 2007 to February 2008 inclusive, on MEUJKAM and MUIKAM - from March 2007 till February 2008 inclusive. Within February 1-29 of 2008, the total debt in tenge equivalent increased by KZT65.2 bn. (6.1%), in dollar equivalent (taking into account change in exchange rate of the National Bank) by 491.5 m. (5.5%) (taking into account change of exchange rate of the National Bank). Similar indicators of debt change in January were minus KZT15.1 bn. (-1.4%) or minus $119.8 m. (- 1.3%). Following table contains detailed information. ----------------------------------------------------------------------------- Amount and structure of debt --------------------------------- Change as of as of for the *Currency of February 29, 08 January 31, 08 period ------------- ------------------ -------------- --------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ------------- ----- ------- --------- -------- -------------- --------- ----- National Bank KZT KZT 248.503 21.9 196.926 +51,576.5 +26.2 ------------- ----- ------- --------- -------- -------------- --------- ----- Ministry 868.155 of Finance 881.745 77.8 +13,589.7 +1.6 incl. face KZT KZT 543.450 48.0 539.311 +4,139.0 +0.8 value incl. KZT KZT 338.295 29.9 328.845 +9,450.7 +2.9 servicing ------------- ----- ------- --------- -------- -------------- --------- ----- Akimat of USD KZT 2.824 0.2 2.809 +15.2 +0.5 Atyrau obl. incl. face USD KZT 2.709 0.2 2.694 +14.6 +0.5 value incl. USD KZT 0.115 0.01 0.115 +0.6 +0.5 servicing ------------- ----- ------- --------- -------- -------------- --------- ----- TOTAL 1,133.072 100.0 1,067.890 +65,181.4 +6.1 incl. face value 794.661 70.1 738.931 +55,730.1 +7.5 incl. servicing 338.411 29.9 328.959 +9,451.4 +2.9 ----------------------------------------------------------------------------- * USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. Equivalents as of February 29, 08 were calculated at the rate of KZT120.87 per a dollar, as of January 31, 08 - at KZT120.22. Therefore, the data shown in the table reflect the dynamics turned out with exchange rate fluctuations besides all other factors. Similar figures in U.S. dollars are given in the table as follows. ---------------------------------------------------------------------------- Amount and structure of debt ------------------------------- Change as of as of for the *Currency of February 29, 08 January 31, 08 period ------------- ---------------- -------------- ---------------- Issuer issue service m. USD stake, % m. USD th. USD % ------------- ----- ------- ------- -------- -------------- ---------- ----- National Bank KZT KZT 2,055.9 21.9 1,638.0 +417,901.8 +25.5 ------------- ----- ------- ------- -------- -------------- ---------- ----- Ministry 7,221.4 of Finance 7,295.0 77.8 +73,598.2 +1.0 incl. face KZT KZT 4,496.1 48.0 4,486.0 +10,118.8 +0.2 value incl. KZT KZT 2,798.8 29.9 2,735.4 +63,479.4 +2.3 servicing ------------- ----- ------- ------- -------- -------------- ---------- ----- Akimat of USD KZT 23.37 0.2 23.37 0 0 Atyrau obl. incl. face USD KZT 22.4 0.2 22.4 0 0 value incl. USD KZT 1.0 0.01 1.0 0 0 servicing TOTAL 9,374.3 100.0 8,882.8 +491,500.1 +5.5 incl. face value 6,574.5 70.1 6,146.5 +428,020.7 +7.0 incl. servicing 2,799.8 29.9 2,736.3 +63,479.4 +2.3 ---------------------------------------------------------------------------- * USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. According to the data of IRBIS, the issue volume of the National Bank's GS in February 2008 by amounts of offering was KZT187,234.1 m. (in January - KZT104,743.7 m.). At that, the issuer paid off his notes on secondary market for a total sum of KZT136,536.5 m. (KZT143,493.0 m.). Thus in February the net-borrowing balance of the National Bank in GS market was plus KZT50,697.5 m. Corresponding index in January was minus KZT38,749.4 ("minus" sign in balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors' possession, "plus" sign - issuer borrowed more than redeemed). In February, the Ministry of finance borrowed by offering of MEKAM KZT34,871.0 m. (in January - KZT24,031.5 m.) and paid face values of bonds and coupon payments for a total of KZT43,352.8 m. (in January - KZT1,137.4 m.). February net-borrowing balance of the Ministry of finance is estimated by IRBIS at minus KZT8,481.8 m. (in January - plus KZT22,894.1 m.). Total February net-borrowing balance of all Kazakhstan GS issuers including municipal bodies was estimated by IRBIS at plus KZT42,215.7 m. Similar indicator of January - minus KZT15,855.3 m. IRBIS Agency draws attention of subscribers and mass media that the data given below are not official statistics and received by result of analysis of information, containing in database of the agency on the primary GS market. In part of internal bonds the bases of agency are adjusted by data provided to IRBIS by Central depositary of securities JSC (Almaty). [2008-03-19]