Kazakhstan climbs up in OECD Country Risk Classification
ASTANA. KAZINFORM Kazakhstan has risen to the fifth group of the country risk rating, which is regularly provided by the Working Group on Export Credits and Credit Guarantees of the OECD's Directorate for Trade and Agriculture. Our country is represented by "KazakhExport" company (a subsidiary organization of "Baiterek" Holding) in this international structure, Kazinform reports citing the press service of the Holding.
The Organization for Economic Co-operation and Development (OECD) ranks all the countries of the world according to eight risk categories. They are distributed depending on the credit risk assessment based on the analysis of three indicators: the practices in payments settlement, the financial condition of the country and its economic situation. This analysis is carried out by the OECD's Working Group on Export Credits and Credit Guarantees, which, in its turn, determines the cost of financing for enterprises of any ownership form and state bodies of a particular country at the expense of the resources of export-credit agencies. Kazakhstan has participated in the meeting of this Group for the first time in November 2017. At that moment, our country was in the sixth group.
Today, KazakhExport, being a representative, regularly presents to the OECD members the export potential of Kazakhstan in the context of its financial instruments, indicators and development prospects. The company also informs international partners on the measures of state support for export policy in our country, financial and institutional instruments and the basic provisions of the National Export Strategy of the Republic of Kazakhstan until 2022.
In addition, KazakhExport has held a series of negotiations with representatives of the leading OECD countries that potentially have the opportunity to make a recommendation related to the increase of the rating, has introduced presentation materials about the company's efforts to implement international standards, procedures and recommendations in the field of financial and insurance activities of the Republic of Kazakhstan.
The improvement of the position in this rating indicates the formation of a positive perception of information related to strengthening the financial stability of Kazakhstan by OECD member countries, as well as development of the banking sector and raising the reliability status of our state as an international partner in fulfilling financial obligations.