The Recession in Kazakhstan

Kazakh Prime Minister Karim Masimov announced June 15 that his country has no plans to borrow money from the International Monetary Fund amid the current global recession. Kazakhstan is seeing some financial decline; an easy explanation for this would be the collapse of oil prices since July 2008, but Kazakhstan's real problems will come from its banking sector. Kazakhstan's financial woes will allow Russia to gain a stronger foothold in the country. Editor's Note: This is the ninth part in a series on the global recession and signs indicating how and when the economic recovery will — or will not — begin.