m Fitch Ratings. Global financial crisis which started at the end of 2007 had multiple implications on Kazakhstan s economy and exposed underlying vulnerabilities. With lower oil and commodity prices and adverse conditions in international capital markets new challenges for emerging economy have surfaced - declined public revenue, liquidity shortages, national currency s stability, dependence of financial institutions on external funding, negatively affected investors confidence and capital outflows.these circumstances the Government quickly stepped in to regulate and stabilize the situation. A set of policies has been introduced under the Anti-Crisis Program to help mitigate economic vulnerabilities and establish a basis for the resumption of strong growth. As a part of the policy Kazakhstan has devalued its currency and vastly expanded its role in the financial sector by entering into the capital of the four largest banks. As of April 2, 2010, Kazakhstan is in the 5th group of risks according to the country risk classification by Organization for Economic Cooperation and Development, OECD. In the 5th group, except Kazakhstan, there are also Azerbaijan, Croatia, Macedonia, Paraguay etc.significant resources of oil and gas, coal and uranium, Kazakhstan is an important energy player in the world. In the 1st quarter 2010 Kazakhstan has produced 19.7 mln. metric tons of oil and gas-condensates (+8.8% in comparison with the 1st quarter 2009), 27.4 mln. metric tons of coal (+12.4%) and 9.7 bln. cubic meters of natural gas (+11.5%)., bearing in mind recent fluctuations in the world commodities market, the Government targets its energy policy on further diversification of energy resources, efficient energy use, stimulation of R & D in renewables and raising a profile of environment component. Today investments in natural resources constitute 72% of all investments in economy. 73% of investments in natural resources come from overseas and the rest is generated by the national economy.an integral part of energy sector, a system of pipelines and infrastructure are key elements of a viable energy policy. Kazakhstan s counterparts (United States, EU, China and Russia) have identified their strong interest to cooperate with Kazakhstan in this area, particularly on trans-continental oil and gas transportation issues. Kazakhstan has made it clear that this fully meets its own vision for the development of multiple energy transportation routes from and through Kazakhstan. In January-February 2010 volumes of oil transportation through pipelines has increased by 24.1% (in comparison with January-February 2009) and total turnover through pipelines has increased by 27.8%. Commercial viability, technical and environmental safety and financial soundness are the guiding principles for Kazakhstan s s...
