PUBLIC DEBT OF THE REPUBLIC OF KAZAKHSTAN AND ITS MANAGEMENT

Abstract

Public debt management is one of the most important tasks of the state, with the help of which it implements economic policy. This also explains the fact that the market for government debt instruments has become one of the most important indicators of the economy in modern society. It is also one of the activities of strategic importance to the State.

The efficiency of public debt management plays an important macroeconomic role, as it allows not only to optimize the cost of financing the state budget deficit, but also to reduce the cost of servicing public debt, as well as to develop the domestic market for debt instruments. At the same time, government bodies responsible for managing public debt must take into account not only the cost of attracting resources, but also the associated risks, in particular currency risk, refinancing risk and the risk of changes in interest rates.

The article examines the process of changing the main parameters of Kazakhstan's public debt during the COVID-19 pandemic in comparison with other economies of the world, and reveals the specific influence of factors related to the pandemic. An indicator is proposed for assessing the effectiveness of increasing government debt as a means of preventing an economic recession based on the ratio of changes in the relative size of debt and changes in GDP.