In March 2002 short-term debt of Ministry of Finance of Kazakhstan, issued as GS, grew by 1.4% at face value, mid-term - by 0.5%
/IRBIS, May 06, 02/ - Based on the data, obtained by IRBIS agency as a result of the information of its specialists, in April 2002 domestic short-term debt of the Ministry of Finance of Kazakhstan, issued as GS, increased (excluding coupon payments) by 1.4% at face value, mid-term - by 0.5%.
In absolute monetary terms the growth of the principal amount of short-term debt (1 year or less maturity terms) within a month equaled KZT0.151bn, whereas for mid-term debt (GS with 1 to 10 year maturity) it reached KZT0.360bn. Total increase in principal amount of the debt on domestic debt of the Ministry of Finance in April is estimated by IRBIS at KZT0.511bn, or 0.6% growth.
Resulting change in the debt structure in April was an insignificant growth in the proportion of short-term borrowing from 14.01% to 14.11%, and decline in mid-term borrowing from 85.99% to 85.89%. Meanwhile, the proportion of borrowing indexed towards inflation decreased from 8.5% to 7.7%. Weighted average circulation term of all issued and outstanding MEKAM decreased from 1,282 days as of Mar 31, 02 to 1,258 days as of April 30, 02. Long-term GS (more than 10 years) were not in circulation.
When these data are considered it should be taken into account that the structure of the debt changes even if the Ministry of Finance is not issuing new bonds and old ones do not mature. It happens due to daily decline in circulation term of each issued bond.
As it has been informed by the agency IRBIS before, including the servicing cost and inflation for January 2002 to March 2002 domestic debt of the Ministry of Finance decreased from KZT109.5bn to KZT109.1bn within a month, or 0.4%.
Below is the table with the structure of domestic debt of the Ministry of Finance based on its face value in April 2002 (bn KZT, %).
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as of Mar 31.02 as of April 30.02 Trend
--------------- ----------------- ------ -------
Term Type
of debt of GS amount share,% amount share,% amount share,%
------------ ------ ------- ------- --------- ------- ------ -------
1 year MEKKAM 2.310 2.9 2.070 2.6 -0.240 -10.4
or less MEOKAM 8.121 10.3 8.872 11.2 +0.751 +9.2
MEIKAM 0.621 0.8 0.260 0.3 -0.361 -58.1
------------ ------ ------- ------- --------- ------- ------ -------
Short-term debt 11.052 14.01 11.202 14.11 +0.151 +1.4
incl. indexed 0.621 0.8 0.260 0.3 -0.361 -58.1
------------------- ------- ------- --------- ------- ------ -------
MEOKAM 27.319 34.6 27.939 35.2 +0.620 +2.3
1 - 10 years MEAKAM 34.441 43.7 34.441 43.4 0 0
MEIKAM 6.088 7.7 5.828 7.3 -0.260 -4.3
------------ ------ ------- ------- --------- ------- ------ -------
Mid-term debt 67.848 85.99 68.208 85.89 +0.360 +0.5
incl. indexed 6.088 7.7 5.828 7.3 -0.260 -4.3
------------------- ------- ------- --------- ------- ------ -------
TOTAL 78.899 100.0 79.410 100.0 +0.511 +0.6
incl. indexed 6.709 8.5 6.088 7.7 -0.621 -9.3
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The agency IRBIS also draws the attention of the mass media that this material was prepared by the agency IRBIS and not by the Kazakhstan Stock Exchange (KASE).
[2002-05-06]