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Home » International Monetary Fund Reaffirms Willingness to Support Kazakhstan’s Reforms and Development

International Monetary Fund Reaffirms Willingness to Support Kazakhstan’s Reforms and Development

by Zack Ball
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ASTANA – The International Monetary Fund (IMF) is willing to support Kazakhstan’s reforms and development, said the Head of the International Monetary Fund (IMF) mission for Kazakhstan, Nicolas Blanchet, during a June 6 meeting with Kazakh Prime Minister Alikhan Smailov, reported the Prime Minister’s press service.

The sides addressed the state and measures to develop the country’s real, budgetary, and financial sectors of the economy, the economic priorities for the medium term, and the implementation of reforms and measures to eliminate the consequences of climate change.

Smailov drew attention to the ongoing comprehensive assessment of the nation’s financial sector and the opening of the IMF Regional Capacity Development Center for the Caucasus, Central Asia, and Mongolia in Almaty soon.

According to the Prime Minister, despite external challenges, the Kazakh economy maintained a positive growth of 5% in January-April. In 2022, the country witnessed a record inflow of foreign direct investment over the past ten years worth $28 billion. Smailov said his government continues systematically developing the national economy, introducing new tax and budget codes designed to reduce the non-oil deficit to 5% of the gross domestic product (GDP).

“Owing to the set of measures, it is planned to ensure the growth of the National Fund’s foreign exchange assets to $100 billion by 2030,” Smailov emphasized, adding that Kazakhstan is implementing a phased transition to alternative energy sources and improving the economy’s energy efficiency.

In turn, Blanchet noted Kazakhstan’s significant progress in enhancing economic policy, budgetary and financial sectors. He praised measures the country’s government and the National Bank took to control inflation.

“Over the past three years, Kazakhstan has been subjected to multiple shocks, but we see that the country has managed to withstand them adequately. … We are ready to develop our strategic partnership using a variety of ways and formats, including our capacity development center in Kazakhstan, which will help Kazakhstan and the entire region,” Blanchet emphasized.

At the upcoming Astana International Forum, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva will take part in the opening ceremony and plenary session with the participation of Kazakh President Kassym-Jomart Tokayev on June 8.

The first day of the Astana International Forum (AIF) will open with a panel session Rethinking Peace, Conflict, and the Global Order, which covers one of the AIF’s four major themes – Foreign Policy and International Security. The other three pillars of the AIF are International Development and Sustainability, Energy and Climate Change, and Economy and Finance.

One of the special sessions at the Astana International Forum (AIF) will include a dialogue with Dr.Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO). The session will provide a unique platform for an in-depth conversation on cooperation between the WTO and Kazakhstan.

Source : Astana Times

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