Kazakhstan, IMF discuss cooperation plan in Astana

Astana, The Gulf Observer: Prime Minister Alikhan Smailov and Head of the International Monetary Fund mission in Kazakhstan Nicolas Blancher met in Astana to discuss Kazakhstan-IMF cooperation plan for a short-term and mid-term outlook, according to the reports of primeminister.kz.

The meeting highlighted that the Kazakh Government attached huge importance to the partnership with the International Monetary Fund and highly evaluated its contribution to the development of Kazakhstan’s economy.

The meeting noted that the visit of Kristalina Georgieva, Managing Director of the International Monetary Fund to Kazakhstan and opening the IMF Regional Capacity Develooment Center in Almaty for the Caucasus, Central Asia and Mongolia had become important events this year.

As Alikhan Smailov said, Kazakhstan’s economy had already adapted to new conditions and showed a sustainable growth to date. Thus, in 10 months, GDP increased by 4.9%. Fixed capital investments rose by 12.6% which is a necessary condition for a positive dynamics in future, in particular, in 2024. Alongside, significant slowdown in inflation is reported due to the implementation of the joint measures of the National Bank and the Government.

He added that the international rating agencies had also confirmed sovereign credit rating of Kazakhstan at the level of investments. Meanwhile, in October Moody’s upgraded Kazakhstan’s outlook from ‘stable’ to ‘positive.’

Smailov then said that Kazakhstan continued to improve its tax ans budget policy. The country is developing its new budget code aimed at simplification of budgetary processes, inter-budget relations and improvement of the quality of public financial management. A new tax code is under elaboration as well.

Our primary task is ensure macroeconomic stability and further sustainable economic growth. In this context, we are grateful to the IMF for constant support, Smailov said.

In turn, Nicolas Blancher noted that Kazakhstan had enough opportunities to reach more economic growth in the future.

He said the IMF sees Kazakhstan’s ambition to achieve higher paces of growth and the progress done adding that this progress is demonstrated in many areas. In his words, it is important how this growth will be ensured. Namely this is reflected in the recommendations of the IMF. He said private sector should play a leading role here with the support of the state.

At the end of the meeting, the sides expressed readiness to continue the interaction to further improve and develop Kazakhstan’s financial sector.