Kazakhstan

Kazakhstan election gives Tokayev until 2029 for Saudi-style reform

  • President Tokayev wins unsurprisingly, with 81% of the vote, amid 69% turnout. He is limited to one term of seven years

  • Higher public spend on wages, pensions, healthcare, education likely: affordable given post-Covid fiscal deficit of 1-2%

  • MSCI Kazakhstan valued at 8x PE and 7% dividend yield: the consensus may be too pessimistic on Saudi-style reform

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November 21st, 2022
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