NOV. 12 2010 (The Conway Bulletin) – Kazakhstan agreed to allow the US military to use more direct flight routes across its air space. The deal signed in Washington by a senior State Department official and the Kazakh ambassador will save the US military fuel and time on flights to Afghanistan.
ENDS
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(News report from Issue No. 15, published on Nov. 15 2010)
NOV. 3 2010 (The Conway Bulletin) – In 2010 Kazakhstan harvested 13.9m tonnes of grain down from 22.7m tonnes in 2009, a senior official from the Kazakh ministry of agriculture said. This represents a drop of 31%. Droughts have reduced grain harvest this year throughout the world.
ENDS
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(News report from Issue No. 14, published on Nov. 8 2010)
NOV. 2 2010 (The Conway Bulletin) — Kazakhstan is considering introducing regulations to require foreign companies working in Kazakhstan to deposit 35% of their savings in Kazakh banks, Berik Kamaliyev, deputy minister of trade and industry, told a government meeting. He said the aim was to bolster the Kazakh banking sector.
ENDS
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(News report from Issue No. 14, published on Nov. 8 2010)
NOV. 3. 2010 (The Conway Bulletin) — Kazakhstan’s state oil and gas company Kazmunaigas started looking for potential buyers for its 11-year $1.5b Eurobond with an estimated yield of 6.75%. This is the first bond in a series of offerings that Kazakhstan hopes will raise $7.5b to invest back into oil and gas projects.
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(News report from Issue No. 14, published on Nov. 8 2010)
OCT. 28 2010 (The Conway Bulletin) — Booming commodity prices and a sustained revival in Russia’s economy are driving economic recovery in Central Asia and the South Caucasus, the International Monetary Fund (IMF) said in a report. The IMF said economies in both regions will grow this year except for Kyrgyzstan where political turmoil has dented growth.
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(News report from Issue No. 13, published on Nov. 1 2010)
OCT. 26 2010 (The Conway Bulletin) — Kazakhstan plans to spend $15.6b on
industrial development between 2011 and 2013, PM Karim Massimov told his Nur Otan party according to his website. Transport and infrastructure will receive $6.8b.
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(News report from Issue No. 13, published on Nov. 1 2010)
OCT. 27 2010 (The Conway Bulletin) — Kazakhstan is preparing a $1.2b tax claim against the Western-led venture developing the Karachaganak gas field, sources at the Kazakh oil ministry told news agencies. The Kazakh government is reportedly seeking a 10% stake in Karachaganak, the only major oil and gas project in Kazakhstan it does not hold a stake in.
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(News report from Issue No. 13, published on Nov. 1 2010)
OCT. 27 2010 (The Conway Bulletin) — Kazakh President Nursultan Nazarbayev signed deals worth over $2b with French President Nikolas Sarkozy in Paris. Aerospace manufacturer EADS will form a joint venture to build helicopters in Kazakhstan, Kazakhstan will buy 300 trains from engineering groups Alstom and nuclear energy company KazAtomProm will form a joint venture with Areva.
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(News report from Issue No. 13, published on Nov. 1 2010)
OCT. 28 2010 (The Conway Bulletin) — Underdeveloped banking systems, a high rate of non-performing loans and inflexible exchange rates are potential brakes on economic recovery in Central Asia and the south Caucasus, the IMF said.
With their reliance on neighbouring Russia and global commodity prices, the global financial downturn in 2009 was tough for the economies of Central Asia and the south Caucasus. This year, with Russia and commodity prices recovering and the impact of domestic fiscal stimulus taking hold, the IMF predicts steady economic growth throughout the regions, other than for Kyrgyzstan.
Remittances from workers in Russia, so important for the poorer Central Asian and Caucasus countries, grew by 26% in the first half of 2010 compared to the same period in 2009.
The IMF said that inflation was generally under control at around 8%, although in Uzbekistan it was nearer 11%. For the IMF, the regions’ banking sectors are a concern. In Kazakhstan, the IMF pointed out, non-performing loans total nearly 26% of all loans.
IMF’s GDP % growth figures (2010 and 2011 are predictions):
Armenia +13.7 (2007); +6.9 (2008); -14.2 (2009); +4.0 (2010); +4.6 (2011)
Azerbaijan +25.0 (2007); +10.8 (2008); +9.3 (2009); +4.3 (2010); +1.8 (2011)
Georgia +12.3 (2007); +2.3 (2008); -3.9 (2009); +5.5 (2010); +4.0 (2011)
Kazakhstan +8.9 (2007); +3.2 (2008); +1.2 (2009); +5.4 (2010); +5.1 (2011)
Kyrgyzstan +8.5 (2007); +8.4 (2008); +2.3 (2009); -3.5 (2010); +7.1 (2011)
Tajikistan +7.8 (2007); +7.9 (2008); +3.4 (2009); +5.5 (2010); +5.0 (2011)
Turkmenistan +11.6 (2007); +10.5 (2008); +6.1 (2009); +9.4 (2010); +11.5 (2011)
Uzbekistan +9.5 (2007); +9.0 (2008); +8.1 (2009); +8.0 (2010); +7.0 (2011)
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(News report from Issue No. 13, published on Nov. 1 2010)
OCT. 21 2010 (The Conway Bulletin) — Kazakhstan is still considering selling 20% of state oil company Kazmunaigas in an IPO next year, said Kairat Kelimbetov, head of Kazakh state conglomerate Samruk-Kazyna. Earlier this month he had ruled out an IPO and instead said Kazmunaigas would borrow up to $14b for its $20b investment programme.
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(News report from Issue No. 12, published on Oct. 21 2010)
