NOV. 19 2010 (The Conway Bulletin) – A judge in the United States dismissed charges of corruption and fraud against businessman James Giffen, who had been accused of giving $84m in bribes to Kazakh officials in exchange for oil concessions during the 1990s. Prosecutors linked senior members of the Kazakh government, including President Nursultan Nazarbayev, to the case.
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(News report from Issue No. 16, published on Nov. 22 2010)
NOV. 19 2010 (The Conway Bulletin) – Kazakhstan accused Agip, a unit of Italian energy company Eni, of a $110m fraud at the Kashagan oil field in the Caspian Sea by inflating development costs. Eni’s Agip declined to comment. It is the leader of the consortium developing Kashagan, Kazakhstan’s biggest oil field.
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(News report from Issue No. 16, published on Nov. 22 2010)
NOV. 9 2010 (The Conway Bulletin) – Armenian PM Tigran Sargsyan sacked 2 deputy health ministers for corruption. Mr Sargsyan has previously said corruption is widespread in Armenia’s health, agriculture, education and finance ministries. In Transparency International’s 2010 Corruption Perception Index Armenia was placed 123 out of 178, just above Azerbaijan but behind Georgia.
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(News report from Issue No. 15, published on Nov. 15 2010)
NOV. 3 2010 (The Conway Bulletin) — The US renewed a lucrative jet fuel contract for its airbase in Kyrgyzstan with oil trading company Mina Corp. The current Kyrgyz administration views Mina Corp. with suspicion because of its links to ousted President Kurmanbek Bakieyev and had asked the US to revoke the contract.
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(News report from Issue No. 14, published on Nov. 8 2010)
OCT. 28 2010 (The Conway Bulletin) — Underdeveloped banking systems, a high rate of non-performing loans and inflexible exchange rates are potential brakes on economic recovery in Central Asia and the south Caucasus, the IMF said.
With their reliance on neighbouring Russia and global commodity prices, the global financial downturn in 2009 was tough for the economies of Central Asia and the south Caucasus. This year, with Russia and commodity prices recovering and the impact of domestic fiscal stimulus taking hold, the IMF predicts steady economic growth throughout the regions, other than for Kyrgyzstan.
Remittances from workers in Russia, so important for the poorer Central Asian and Caucasus countries, grew by 26% in the first half of 2010 compared to the same period in 2009.
The IMF said that inflation was generally under control at around 8%, although in Uzbekistan it was nearer 11%. For the IMF, the regions’ banking sectors are a concern. In Kazakhstan, the IMF pointed out, non-performing loans total nearly 26% of all loans.
IMF’s GDP % growth figures (2010 and 2011 are predictions):
Armenia +13.7 (2007); +6.9 (2008); -14.2 (2009); +4.0 (2010); +4.6 (2011)
Azerbaijan +25.0 (2007); +10.8 (2008); +9.3 (2009); +4.3 (2010); +1.8 (2011)
Georgia +12.3 (2007); +2.3 (2008); -3.9 (2009); +5.5 (2010); +4.0 (2011)
Kazakhstan +8.9 (2007); +3.2 (2008); +1.2 (2009); +5.4 (2010); +5.1 (2011)
Kyrgyzstan +8.5 (2007); +8.4 (2008); +2.3 (2009); -3.5 (2010); +7.1 (2011)
Tajikistan +7.8 (2007); +7.9 (2008); +3.4 (2009); +5.5 (2010); +5.0 (2011)
Turkmenistan +11.6 (2007); +10.5 (2008); +6.1 (2009); +9.4 (2010); +11.5 (2011)
Uzbekistan +9.5 (2007); +9.0 (2008); +8.1 (2009); +8.0 (2010); +7.0 (2011)
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(News report from Issue No. 13, published on Nov. 1 2010)
OCT. 5 2010 (The Conway Bulletin) — The Kazakh government raised its stake in Kazakhstan miner Kazakhmys, listed in London, to over 26% by buying 11% of the company from chairman Vladimir Kim in a deal estimated at over $1.3b. In a report this year, lobby group Global Witness linked Mr Kim to Kazakh President Nursultan Nazarbayev.
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(News report from Issue No. 10, published on Oct. 7 2010)
SEPT. 29 2010 (The Conway Bulletin) — Kazakh financial police started an investigation into health minister Zhaksylyk Doskaliyev for abuse of office but a court refused to approve an arrest warrant for him saying that he was too unwell. The financial police said Mr Doskaliyev had faked a heart attack.
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(News report from Issue No. 9, published on Sept. 30 2010)