ANALYSIS: As of May 1 2008 the total state debt of Kazakhstan, issued as GS, along with its servicing totaled KZT1,236.2 bn. or $10.3 bn.

/IRBIS, Raushan Tundybayeva, Ruslan Dzubaylo, May 12, 08/ - As of May 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 KZT1,236.2 bn., or the equivalent of $10,268.2 m. at the rate of KZT120.39 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 February to April 2008 inclusive, on MEUJKAM and MUIKAM - from May 2007 to April 2008 inclusive. From April 1-30, 2008, the total debt in tenge equivalent decreased by KZT8.1 bn. (-0.7%), in the dollar equivalent (taking into account change in the National Bank exchange rate) by minus 41.8 m. (-0.4%). Similar indicators of debt change in March made up plus KZT111.2 bn. (9.8%) or plus $935.7 m. (10.0%). The following table contains more detailed information. --------------------------------------------------------------------------- Amount and structure of debt ------------------------------- Change as of as of for the *Currency of April 30, 08 March 31, 08 period ------------- ------------------ ------------ --------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ------------- ----- ------- --------- -------- ------------ --------- ----- National Bank KZT KZT 252.024 20.4 281.326 -29,301.9 -10.4 ------------- ----- ------- --------- -------- ------------ --------- ----- Ministry of Finance 981.350 79.4 960.162 +21,188.0 +2.2 incl. face KZT KZT 582.381 47.1 565.581 +16,800.0 +3.0 value incl. KZT KZT 398.969 32.3 394.581 +4,388.0 +1.1 servicing ------------- ----- ------- --------- -------- ------------ --------- ----- Akimat of USD KZT 2.813 0.2 2.820 -7.0 -0.2 Atyrau obl. incl. face USD KZT 2.698 0.2 2.705 -6.7 -0.2 value incl. USD KZT 0.115 0.01 0.115 -0.3 -0.2 servicing ------------- ----- ------- --------- -------- ------------ --------- ----- TOTAL 1,236.187 100.0 1,244.308 -8,120.9 -0.7 incl. face 837.104 67.7 849.612 -12,508.6 -1.5 value incl. servicing 399.084 32.3 394.696 +4,387.7 +1.1 --------------------------------------------------------------------------- * 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 April 30, 2008 were valuated at the rate of KZT120.39 per dollar, as of March 31, 2008 - at KZT120.69. 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 April 30, 08 March 31, 08 period ------------- ----------------- ------------ ---------------- Issuer issue service m. USD stake, % m. USD th. USD % ------------- ----- ------- -------- -------- ------------ ---------- ----- National Bank KZT KZT 2,093.4 20.4 2,331.0 -237,582.5 -10.2 ------------- ----- ------- -------- -------- ------------ ---------- ----- Ministry of Finance 8,151.4 79.4 7,955.6 +195,819.2 +2.5 incl. face KZT KZT 4,837.5 47.1 4,686.2 +151,224.1 +3.2 value incl. KZT KZT 3,314.0 32.3 3,269.4 +44,595.1 +1.4 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 10,268.2 100.0 10,310.0 -41,763.3 -0.4 incl. face 6,953.3 67.7 7,039.6 -86,358.4 -1.2 value incl. servicing 3,314.9 32.3 3,270.3 +44,595.1 +1.4 --------------------------------------------------------------------------- * 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 April 2008 by offering amount was KZT159,577.2 m. (in March - KZT188,744.3 m.). At that, the issuer paid off his notes on secondary market to the sum of KZT189,616.5 m. (KZT156,792.9 m.). Thus, in April the net- borrowing balance of the National Bank on GS market made up minus KZT30,039.3 m. The corresponding index in March made up plus KZT31,951.4 (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). April was characterized by liquidity deficit in economic. According to tax calendar, the main sum of payments for annual income tax, which is, as a matter of fact, the biggest payment in a year, came to this very month. As a result, the National Bank in April "injected" KZT30 bn. on liquidity market. In April, the Ministry of Finance borrowed due to MEKAM offering KZT31,310.2 m. (in March - KZT36,710.2 m.) and paid face values of bonds and coupon payments to the sum of KZT16,874.0 m. (in March - KZT18,831.3 m.). April net-borrowing balance of the Ministry of Finance is estimated by IRBIS at plus KZT14,436.2 m. (in March - plus KZT17,878.9 m.). Total April net-borrowing balance of all Kazakhstan GS issuers was estimated by IRBIS at minus KZT15,603.1 m. Similar indicator of March - plus KZT49,830.3 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). [2008-05-12]