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General Assessment of Financial Condition of Agriculture in Kazakhstan

General Assessment of Financial Condition of Agriculture in Kazakhstan

Производитель: Диплом-спб.рф
Модель: Диссертация
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сравнение

 

1. Introduction……………………………………………………………………………………3

1.1 Background………………………………………………………………………………….3

1.2 Objectives……………………………………………………………………………………4

2. Literature Review…………………………………………………………………………….5

2.1 Theoretical Aspects of Revenue in Agricultural Companies…………………………..5

2.2 Cash Flow Management…………………………………………………………………..6

2.3 Structure and Features of Circulation of Fixed and Current Capital in Agriculture….8

2.4 Overview of the financial sector………………………………………………………….14

2.5 Description of the Agriculture Industry and Conditions in Kazakhstan………………17

3. Research Methodology…………………………………………………………………….25

3.1 Aim of Research…………………………………………………………………………..25

3.2 Research Population and Procedures…………………………………………………. 25

          3.2.1 Data collection………………………………………………………………….. 25

          3.2.2 Methodology of evaluation……………………………………………………..26

3.3 Validity and Reliability…………………………………………………………………….26

4. Data Analysis………………………………………………………………………………..27

4.1 General Assessment of Financial Condition of Agriculture in Kazakhstan………….27

4.2 Financial support of Agriculture by the State…………………………………………..36

5. Conclusion…………………………………………………………………………………..39

6. List of references……………………………………………………………………………41

7. Appendices

 

Chapter 1.

Introduction

          1.1 Background

          The rоle of аgriсulture in а соuntry’s оr rеgion’s economics shows its structure and development level. As activities of agriculture, we use a percentage engaged in the agriculture among the economically active population, and the unit weight of agriculture in the GDP. These activities are common enough in most developing countries, where more than half of the economically active population is engaged in agriculture. Agriculture in these countries is extensive, that is the growth of production is achieved by the extension of planted area, increase in head of cattle, and the number of people engaged in agriculture (KazAgro, 2011).

          The highest level of agriculture is in developed countries Europe and North America, which have entered the postindustrial stage. Only 2-6% of the economically active population is engaged in agriculture there. These countries already experienced “the green revolution” in the middle of 20th century. Agriculture is characterized by scientific grounded structure, increase in productivity, use of innovations, agricultural machinery systems, pesticides and mineral fertilizers, genetic engineering and bioengineering, robotics and electronics. That is the agriculture in these countries that is intensively developing (Popov, n.d.).

          Such progressive changes are occurring also in countries that are of industrial nature, but the level of intensity is still too low there, and the portion of population engaged in agriculture is higher than in postindustrial countries.

          In developed countries there is the crisis of overproduction, and in agricultural ones, on the contrary, one of the acute problems is food problem (the problem of undernourishment and starvation).

          Agriculture is the most important sector of the national economy of Kazakhstan and the core of the country's agro-industrial complex. Agriculture place a very important role in Kazakhstan. Agricultural concerns accounted 38% of GDP (KazAgro, 2010).  In general, agricultural activities used only sixteen percent of the workforce of the country. Land area of Kazakhstan is two hundred and twenty two and a half million hectares. Eighty-two percent of the total land area is used for agriculture. More than thirty-six million hectares are of arable land and Kazakhstan ranked as sixth in size in the world. Production of cereals and legumes per capita per year is 1702 pounds, which counts as the third largest in the world (KazAgroFinance, 2011). Output of wheat in Kazakhstan is the second largest amount in the world, after Canada. Kazakhstan grows very good quality bread wheat. Export of grain in the former Soviet Union was provided only by Kazakhstan.

          However, Kazakhstan has one of the world's lowest average yields of cereals and other crops, and livestock productivity (Statistic agency of Kazakhstan, n.d.).

          1.2 Objectives

          In order to find the ways of solving financial problems in the agricultural sector in Kazakhstan the hypothesis for this paper will be the following: the necessity of establishing an agro-bank in Kazakhstan for maintaining agricultural enterprises.

          To prove the hypothesis the main areas of research are considered as follows:

•         To overview the main principles and specific features of the agricultural sphere in Kazakhstan;

•         To define the main financial problems in this particular sphere in Kazakhstan;

•         To compare conditions of agricultural loans in Kazakhstan and Russia;

•         To determine the optimal cash flow system to enhance financial stability and the solvency of agricultural companies.

          The main goal of the dissertation is to determine the optimal cash flow system to enhance financial stability and solvency of agricultural companies.

 

CHAPTER 5.

Conclusions

          After having reviewed the literature on the problem of financing of agricultural sector and analyzing the data collected, the conclusions were made as follows.

            The main reasons for the relatively slow development of the agricultural sector in Republic of Kazakhstan are the low rates of structural and technological modernization of the sector, updating of fixed assets and the reproduction of natural ecological potential; unfavorable general conditions of agriculture functioning. In particular, they are: unsatisfactory level of market infrastructure development, which impedes the access of agricultural producers to financial, material, technical and information resources market, lack of qualified personnel, because of the low life standard in the countryside.       

          To solve these problems financing is required. But as far as we could see there are certain problems with financing of agricultural sector in Kazakhstan. The state gives subsides and try to support farms and agricultural enterprises, but the amount, given by the sate is not enough to meet all the costs needed.

          So it is important to have an agrobank that will provide loans to farmers. An agrobank should deal only with agricultural enterprises and farmers. With commercial banks it looks like that farmers take loans with high interest rates, and such loans are difficult to pay off. More favorable credit interest of an agrobank will help agricultural producers not to burden their production but to develop and improve it. A bank should be engaged in long-term lending by lending at lower per annum interest rate and short-term lending with higher per annum interest rates. It is these preferential interest rates on loans that will be the advantage of an agrobank. Such institution should help farmers to renovate the fixed assets such as buildings, structures, combine harvesters, farm machinery, tractors and refrigeration equipment; to purchase cattle, poultry, and so on. Due to the operation of a bank, there will be opportunity of a more progressive development of agricultural activities in the country.

          According to the objectives put in the beginning of the research, the work:         

- overviewed the main principles and specific features of agricultural sphere in Kazakhstan;

- defined the main financial problems in this particular sphere in Kazakhstan;

- determined the optimal cash flow system to enhance financial stability and solvency of agricultural companies.

          After the analysis, carried out and the objectives met, it can be said that the goal has been reached and the hypothesis proved.

 

 

chapter 5.

list of refrencies

1.              Agricultural Development Center (1999). Available at

http://cpa.utk.edu/pdffiles/adc37.pdf (Accessed: 01 August 2012)

2.              Analytic service of rating agency (2011). Analysis of livestock sector. Almaty: s.n.

3.              Burdina.E. and Kovalev V. (2004). Statistical analysis of the status and trends of the banking system. Problems of Statistics 3 (5), pp. 33-39.

4.              Embassy of Kazakhstan to the USA and Canada (2012). [online] Business and economy. Agriculture. Available at http://prosites-kazakhembus.homestead.com/agriculture.html. (Accessed: 01 August 2012)

5.              Embassy of the Republic of Kazakhstan (2012). [online] Available at

http://www.kazakhembus.com/page/agricultural-sector. (Accessed: 03 August 2012)

6.              Foreign agricultural service (2012). [online] Commodity intelligence report. Available at: http://www.pecad.fas.usda.gov. (Accessed: 06 August 2012)

7.              Gavrilova A.N., Sysoeva E.F., Barabanov A.I. (2008). Financial Management. Moscow: Knorus.

8.              Goremykin V.A., Nesterova N.V. (2004). Enterprise development strategy. Moscow: Dashkov & Ko.

9.              Government of the republic of Kazakhstan (2006). Project of the development of export potential cattle meat of the Republic of Kazakhstan. Available at http://ru.government.kz/resources/docs/doc23. (Accessed: 24 July 2012)

10.           Hickmann S. (2006). Conservation agriculture in Northern Kazakhstan and Mongolia. Food and agriculture organization of the united nations.. Rome: s.n.

11.           Howells, P. & Bain, K. (2007). Financial markets and institutions.Harlow: Pearson Education.

12.           KazAgro, (2011). Annual report. Available at :

http://www.kazagro.kz/ru/about/financial-politics. (Accessed: 22 August 2012)

13.           KazAgroFinance, (2011). Development Strategy for 2011-2020. [online] Available at: http://www.kaf.kz/en/about/development_strategy/ (Accessed: 23 August 2012)

14.           Keshubayeva, Z. (2012). Outlook of Kazakhstan banking sector. RFCA rating agency [online]. Available at: http://www.rfcaratings.kz/reports/bank_2011.pdf. (Accessed: 23 August 2012)

15.           Kossmann R., Martin M., Von Pischke J.D. (1997). Study on rural credit and savings in Kazakhstan. Bethesda: s.n.

16.           Kovalev V.V., Barabanov A.I. (2002). Analysis of economical activity of an enterprise. Moscow: Velbi.

17.           Kovanov S.I. (1991). Economic Indexes of Agricultural Company Activity. Moscow: Agropromizdat.

18.           Limanskiy M.L., Maslova I.B. (1999). Finance in Agriculture. Moscow: Unity.

19.           Maleeva A.V., Tomarevskaya O.G., Simkova N.V. (2000). Analysis of production and financial activities of enterprises. Moscow: Finance.

20.           National Bank of the Republic of Kazakhstan (2010). Statistic bulletin. [online] Available at www.nationalbank.kz. (Accessed: 28 August 2012)

21.           Pomfret R. (n.d.). Using Energy Resources to Diversify the Economy: Agricultural Price Distortions in Kazakhstan. [online] Available at

http://siteresources.worldbank.org/INTTRADERESEARCH/Resources/544824-1163022714097/Pomfret_Ag_distortions_in_Kaz_0609.pdf (Accessed: 13 August 2012)

22.           Popov N.A. (n.d.) Agricultural economy. Moscow: Delo I Servis.

23.           State Agency for Financial Supervision (2012). [online] Available at www.kzrating.kz (Accessed: 25 August 2012)

24.           Statistic Agency of Kazakhstan (2012). [online] Available at http://stat.kz. (Accessed: 25 August 2012)

25.           Sklyarov I.Yu. (2007). How to raise the effectiveness of crisis management of agricultural companies. Economics of Agricultural and Convertible Enterprises 4, pp. 25-28.

26.           Volkov O.I. (ed.) (2004). Economy of enterprise (firm). Moscow: Infra-M

 

 

6. Appendices

Appendix 1.

BOX 1

Natural conditions in northern

Kazakhstan

• Fertile chernozem and chestnut soils

with good water retention, high soil organic

matter (between 3 and 9 percent) and

nutrient and phosphorus content.

• Precipitation varies from 190 to 320

mm (130 to 200 mm rainfall in summer; 60

to 120 mm snow in winter).

• Vegetative growing period from mid-May until mid-September with a maximum

of only 120 frost-free days.

• The average temperature is 20C in

summer; -20 ºC in winter.

Source: FAO 2002

 

 

Appendix 2.

Table 1

 Support for Major Agricultural Products, 2000-4

(as a percentage of farmgate revenue)

Commodity

2000

2001

2002

2003

2004

Wheat

- 1 (22)

- 8 (27)

4 (22)

- 2 (23)

19 (21)

Sugar

-6 (3)

-3 (4)

17 (4)

21 (4)

17 (4)

Potatoes

8 (4)   

4 (2)

4 (3)

3 (5)

11 (2)

Sub-total crops

1 (41)

-7 (44)

6 (40)

5 (44)

14 (38)

Milk

-2 (16)

-3 (14)

0 (14)

-4 (14)

8 (14)

Beef and veal

-61 (11)

-3 (9)

-1 (10)

26 (11)

40 (11)

Pig meat

39 (9)

32 (8)

28 (5)

45 (5)

37 (5)

Sub-total livestock

10 (41)           

6 (36)

4 (38)

15 (37)           

24 (39)

Average PSE – all commodities

-5

-1

4

15

24

Coverage (% of farm output)

65

64

58

62

57

Source: The estimates for wheat 2000-3 and for sugar, potatoes, milk, beef and pork are from the revised  Agricultural Policy Assessment  (September 2006).

 

 

Appendix 3.

Table 2

 Predicting accounts of demands in financing

Activity

2011

2012

2013

2014

2015

2016

1

Crediting on creation of breeding enterprises, mln tenge

8 890

8 890

18 189

19 739

18 189

73 896

Objects, heads capacity

8 080

8 080

16 160

18 180

20 200

70 700

2

Crediting on creation of fattening bases, mln. tenge

3 150

4 500

6 750

6 750

5 850

27 000

Objects, fattening place capacity

15 350

21 940

32 910

32 910

28 590

131 700

3

Crediting of farms on development of livestock, mln tenge

6 432

6 960

6 960

4 176

4 089

28 617

Objects, heads capacity

40 000

40 000

40 000

24 000

23 500

167 500

 

Total

18 472

20 350

31 899

30 665

28 128

129 513

Source: “Project of the development of export potential cattle meat of the Republic of Kazakhstan” (http://ru.government.kz/resources/docs/doc23)

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