Kazakhstan foreign investment not so hot anymore

Those of us adopting in Kazakhstan tend to get 100% focused on the adoption process but it is good (I think) to pop our heads up now and then and see what is actually happening in the country itself.

From Bloomberg news today:

“The crisis in Kazakhstan is a legacy of banks that piled on debt as the economy soared and couldn’t repay when credit dried up. Gross domestic product shrank 2.2 percent in the first quarter. Foreign investors are drawing back capital as their favorable terms with lenders evaporate, said Kieran Curtis, who helps manage $800 million in emerging-market debt at Aviva Investors Ltd. in London, including Kazakh bonds.”

It seems like Kazakhstan is having as much difficulty with their banking sector as the rest of the world.