The key factors supporting the rating of the Republic of Kazakhstan are strong fiscal and external balances that have demonstrated resistance to external shocks.

According to analysts, the challenges that arose after the January events, the Russian-Ukrainian conflict and anti-Russian sanctions have been mitigated by higher prices for key export goods and an increase in oil production from 2023 at the Tengiz field.  

Fitch expects a reduction in the level of the state budget deficit in 2023 and assumes that the size of transfers from the National Fund to the budget will be reduced to 58% of the level of 2021, which would correspond to the Government's strategy to maintain the size of the National Fund of the Republic of Kazakhstan within 30% of GDP. 

It is reported that the national debt of the country is below the debt level of half of comparable countries. According to Fitch forecasts, Kazakhstan's significant external reserves will help maintain its status as a net lender. 

In addition, the Agency in its report notes the stable operation of the banking sector of Kazakhstan.