ANALYSIS: As of April 1 2008 the total state debt of Kazakhstan, issued as GS, along with its servicing totaled KZT1,244.3 bn. or $10.3 bn.

/IRBIS, Raushan Tundybayeva, April 9, 08/ - As of April 1, 2008, the total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (the amount of coupon payments) made in current prices KZT1,244.3 bn., or the equivalent of $10,310.0 m. at the rate of KZT120.69 per a dollar. IRBIS specialists came to the conclusion after own databases analysis. During this analysis, the amounts of future payments on MEIKAM were calculated considering the consumer price index, which was fixed for the period from January to March 2008 inclusive, on MEUJKAM and MUIKAM - from April 2007 to March 2008 inclusive. From March 1-31, 2008, the total debt in tenge equivalent increased by KZT111.2 bn. (9.8%), in the dollar equivalent (taking into account change in the National Bank exchange rate) by 935.7 m. (10.0%). Similar indicators of debt change in February made up plus KZT65.2 bn. (6.1%) or plus $491.5 m. (5.5%). The following table contains more 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 281.326 22.6 248.503 ------------- ----- ------- --------- -------- -------------- --------- - Ministry of Finance 960.162 77.2 881.745 incl. face KZT KZT 565.581 45.5 543.450 value incl. KZT KZT 394.581 31.7 338.295 servicing ------------- ----- ------- --------- -------- -------------- --------- - Akimat of USD KZT 2.820 0.2 2.824 Atyrau obl. incl. face USD KZT 2.705 0.2 2.709 value incl. USD KZT 0.115 0.01 0.115 servicing ------------- ----- ------- --------- -------- -------------- --------- - TOTAL 1,244.308 100.0 1,133.072 incl. face 849.612 68.3 794.661 value incl. 394.696 31.7 338.411 servicing -------------------------------------------------------------------------------- * 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 March 31, 2008 were valuated at the rate of KZT120.69 per dollar, as of February 29, 2008 - at KZT120.87. Therefore, the data shown in the table reflect the dynamics emerging, besides all other factors, from the rate difference. 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 2,331.0 22.6 2,055.9 ------------- ----- ------- -------- -------- -------------- ------- - Ministry of Finance 7,955.6 77.2 7,295.0 incl. face KZT KZT 4,686.2 45.5 4,496.1 value incl. KZT KZT 3,269.4 31.7 2,798.8 servicing ------------- ----- ------- -------- -------- -------------- ------- - Akimat of USD KZT 23.37 0.2 23.37 Atyrau obl. incl. face USD KZT 22.4 0.2 22.4 value incl. USD KZT 1.0 0.01 1.0 servicing TOTAL 10,310.0 100.0 9,374.3 incl. face 7,039.6 68.3 6,574.5 value incl. 3,270.3 31.7 2,799.8 servicing ----------------------------------------------------------------------------- * 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 March 2008 by offering amount was KZT188,744.3 m. (in February - KZT187,234.1 m.). At that, the issuer paid off his notes on secondary market to the sum of KZT156,792.9 m. (KZT136,536.5 m.). Thus, in March the net- borrowing balance of the National Bank on GS market made up plus KZT31,951.4 m. The corresponding index in February made up plus KZT50,697.5 (the "minus" sign in the balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors, the "plus" sign - issuer borrowed more than redeemed). In March, the Ministry of Finance borrowed due to MEKAM offering KZT36,710.2 m. (in February - KZT34,871.0 m.) and paid face values of bonds and coupon payments to the sum of KZT18,831.3 m. (in February - KZT43,352.8 m.). March net-borrowing balance of the Ministry of Finance is estimated by IRBIS at plus KZT17,878.9 m. (in February - minus KZT8,481.8 m.). Total March net-borrowing balance of all Kazakhstan GS issuers was estimated by IRBIS at plus KZT49,830.3 m. Similar indicator of February - plus KZT42,215.7 m. IRBIS Agency draws attention of subscribers and the mass media that the data given below are not the official statistics and received as a result of the information analysis, containing in database of the agency on the primary GS market. In part of internal bonds the bases of the agency are adjusted by data provided to IRBIS by Central Securities Depository JSC (Almaty). [2008-04-09]