At a high-level roundtable during the International Monetary Fund and World Bank Group Annual Meetings, Agency Chair Madina Abylkassymova outlined measures to deepen Kazakhstan’s domestic capital market and attract private capital. Consistent with the country’s 2030 capital market program, she emphasized expanding private asset managers’ participation in pension asset management, establishing a reliable sovereign yield curve and improving foreign investor access through international settlement links, including the planned connection to Euroclear. Regular issuance of long-term government bonds would provide pricing benchmarks for corporate issuers and investors, even where the government has limited borrowing needs. Although Kazakhstan has established core market infrastructure, including a central counterparty, the limited supply of corporate securities remains a key constraint as companies continue to favor bank credit. The agency is working with the World Bank and International Finance Corporation to prepare medium-sized and large private companies for initial public offerings and is considering measures to make bond financing more attractive to domestic issuers.

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