At the end of August, I telephoned the well-known Kazakh human rights advocate Yevgeny Zhovtis and asked how things were going on "the front" with the criminal case that had been opened in relation to him. Yevgeny replied that in connection with the celebration of the Day of the Constitution of Kazakhstan, the trial had been postponed until 2 September. I also asked him, as a lawyer, what the punishment could be with respect to the charge that had been brought against him of having committed a DTP [a "road transport event", known as a "motor vehicle accident" in English--Trans.], as the result of which a person died? Inasmuch as the person who died was himself at fault

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by Edward Hugh: Barcelona"The Kazakh government is ready to step in,'' Kazakhstan's Prime Minister Karim Masimov said this morning in a telephone interview with Bloomberg "The Kazakh banking system with the support of the government and central bank will fulfill all obligations to international investors.....We have our own specific plan to survive without any external support....I don't think we need support from the International Monetary Fund or overseas.'' Well that is good news, so at least we know that one of the CIS and CEE economies won't be looking to the IMF for bail-out support in this crisis which is presently growing by the day. So Kazakstan, that country which is reputedly host to reserves of approximately 95% of the elements in the periodic table, with a population of around 15 million housed on a surface area greater than the whole of Western Europe, is going to be able to look after itself. But hang on a minute, just where is Kazakhstan, and just what have they been getting up to over there, and why the hell should I take Karim Masimov's word for it, when just about all the other Iceland Look-alike show contestants seem to be saying the same? After all, didn't those extermely bright and able young people over at RBC Capital Markets in Toronto say in a report only last week that, along with Latvia, the country's $100 billion oil-led economy is among the most vulnerable to the present global credit crisis and the skid-row economic trajectories that go with it simply because of its excessive reliance on short-term foreign borrowing. And isn't it the case that the cost of protecting Kazakhstan government debt against default has more than doubled this month - to over 1,000 basis points (or 10%), the level for borrowers that investors term ``distressed,'' according to CMA Datavision credit-default swap prices. Only Ukraine, which as we know is already seeking IMF support, is classified as being a bigger risk among European emerging-market governments. Surely all those highly dedicated, bright, and extremely able young people who are doing all that trading know what they are about, don't they?

During the years 2000-2007 the Kazakhstan economy enjoyed an extended period of very rapid growth, with real GDP growth averaging 10 percent annually. The expansion was underpinned by the development of the oil sector, prudent macroeconomic policies, structural reforms, and increased access to global financial markets. As a result, real per capita incomes have doubled since 2000 and social indicators have generally improved. • The global financial turmoil that began last summer had a significant impact on the Kazakhstan economy. Market perceptions of risk on Kazakhstan's assets rose sharply last September and remain relatively elevated. • Economic growth is expected to drop back significantly in the wake of the financial shock, but is still likely to sustain significant growth. The IMF are forecasting GDP growth of 5 percent in 2008 and a modest recovery to 6.25 percent in 2009. • Consumer ...

Kazakhstan's small and medium-sized businesses will get 100 billion tenge ($830 million) in loans as the government seeks to foster economic growth in its two biggest cities. State-owned Kazyna will provide 50 billion tenge for lending to businesses in Astana, the capital, and Almaty, Industry Minister Vladimir Shkolnik told a cabinet meeting in Astana today. Another 50 billion tenge will come from commercial banks. Kazakhstan's $100 billion economy has grown an average 10 percent a year since 2000 as the price of oil surged, sparking a construction boom. The nation's economy expanded 5.4 percent in the first half of 2008, almost half the pace in the same period a year earlier, as banks curtailed lending because of the global tightening of credit. Annual retail sales growth in the first half slowed to 2.1 percent in Kazakhstan, an 81 percent decline ...