Kazakh Prime Minister Issues Directives to Boost Citizens’ Incomes, Economic Growth and Inflation Control

Astana, The Gulf Observer: Prime Minister Olzhas Bektenov has issued a series of directives to the Cabinet to accelerate the implementation of Kazakhstan’s Program on Increasing Citizens’ Incomes, stressing that the Government’s coordinated efforts with the National Bank and the Agency for Financial Regulation will underpin the country’s socio-economic development agenda for the next three years, local media reported.

PM Bektenov said improving the standard of living and well-being of the population will depend on achieving qualitative and sustainable economic growth while sharply reducing inflation.

“The main goals of the Program are to ensure economic growth of no less than 5% and an average increase in real incomes of the population by 2–3%,” he stated.

To meet these targets, the Government plans to launch a new investment cycle, significantly reduce barriers to doing business, lower the state’s share in the economy, and introduce fresh measures aimed at promoting employment and improving the targeting of social support.

The Prime Minister underscored that special attention will be given to lowering inflation, pursuing a balanced tariff policy, increasing exports and reducing dependence on imports.

Inflation Control and Market Stability

PM Bektenov assigned the ministries of national economy, agriculture and trade to intensify efforts to control and reduce inflation and shield domestic prices from external shocks.

He also tasked the ministries of energy, trade, finance, internal affairs, the Agency for Financial Monitoring and the Border Service with maintaining strict oversight of fuel balances and the flow of petroleum products, amid growing concerns over market stability.

The ministries of agriculture, trade and industry were instructed to increase the supply of domestic goods to the internal market. The Prime Minister emphasized the importance of using stabilization funds, forward contracts, subsidies to cut production costs, and agreements with trade entities to maintain price stability.

He reiterated that boosting domestic food production is a strategic priority to reduce import dependence.

“These measures are aimed at stabilizing food prices and reducing food inflation. The Ministry of Trade, together with regional akimats, must focus on detecting unproductive intermediary firms,” he added.

Export Promotion and Investment Expansion

PM Bektenov highlighted the need to actively develop non-resource exports, expand foreign markets and strengthen support mechanisms for domestic exporters producing high-value-added goods.

He said that the active implementation of investment projects in priority sectors remains a major driver of economic growth.

The Prime Minister further emphasized the role of second-tier banks in fueling private sector development.

“The involvement of second-tier banks’ capital in lending to the real sector will give a significant impetus to the development of the domestic economy. Joint efforts are needed to develop additional effective financial instruments, simplify and digitize the entire business lending process,” Bektenov said.

The directives form part of Kazakhstan’s broader strategy to enhance economic resilience, stabilize prices and ensure sustainable income growth for its citizens in the years ahead.