In July 2002 short-term debt of Ministry of Finance of Kazakhstan, issued as GS, decreased by 6.1% at face value, mid-term grew by 10.6%

/IRBIS, August 06, 02/ - Based on the data, obtained by IRBIS agency as a result of the information of its specialists, in July 2002 domestic short-term debt of the Ministry of Finance of Kazakhstan, issued as GS, decreased (excluding coupon payments) by 6.1% at face value, mid-term grew by 10.6%. In absolute monetary terms the growth of the principal amount of short-term debt (1 year or less maturity terms) within a month equaled KZT0.689bn, whereas for mid-term debt (GS with 1 to 10 year maturity) it reached KZT8.223bn. Total increase in principal amount of the debt on domestic debt of the Ministry of Finance in July is estimated by IRBIS at KZT7.534bn, or 8.5% growth. Resulting change in the debt structure in July was resulted in decrease in the proportion of short-term borrowing from 12.71% to 11.01%, and increase in mid-term borrowing from 87.29% to 88.99%. Meanwhile, the proportion of borrowing indexed towards inflation did not change that is an unusual peculiarity of the period and was caused by the Ministry of finance refusal to issue in July securities indexed by inflation. Weighted average circulation term of all issued and outstanding MEKAM decreased from 1,166 days as of June 30, 02 to 1,122 days as of July 31, 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 May 2002 to July 2002 domestic debt of the Ministry of Finance increased from KZT119.0bn to KZT128.0bn within a month, or 7.6%. Below is the table with the structure of domestic debt of the Ministry of Finance based on its face value in July 2002 (bn KZT, %). ------------------------------------------------------------------------- as of June 30.02 as of July 31.02 as of June 30.02 as of July 31.02 Trend ---------------- ---------------- ------ ------- Term Type ------- ------- ------- ------- ------ ------- of debt of GS amount share,% amount share,% amount share,% ------------ ------ ------- ------- ------- ------- ------ ------- 1 year МЕККАМ 2.166 2,4 1.738 1,8 -0.427 -19,7 and less МЕОКАМ 8.879 10,0 8.617 8,9 -0.262 -3,0 МЕIКАМ 0.260 0,3 0.260 0,3 0 0 ------------ ------ ------- ------ ------- Short-term debt 11,305 12.71 10,615 11.01 -0,689 -6.1 Inc indexed 0,260 0.3 0,260 0.3 0 0 -------------------- ------- ------- ------- ------- ------ ------- More than МЕОКАМ 35.570 40,0 43.793 45,4 +8.223 +23.1 1 year and МЕАКАМ 34.441 38,7 34.441 35,7 0 0 Less than 10 МЕIКАМ 7.603 8,6 7.603 7,9 0 0 ------------ ------ ------- ------- ------- ------- ------ ------- Mid-term debt 77,614 87.29 85,837 88.99 +8,223 +10.6 Inc. indexed 7,603 8.6 7,603 7.9 0 0 -------------------- ------- ------- ------- ------- ------ ------- TOTAL 88.918 100.0 96.452 100.0 +7.534 +8,5 Inc. indexed 7,863 8.8 7.863 8.2 0 0 ------------------------------------------------------------------------- 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). [2002-08-06]