Kazakhstan’s PM Karim Massimov meets IMF representatives
In the course of the meeting the sides discussed Kazakhstan’s current economic policy and exchanged their opinions on global economy development prospects for the years to come.
April 29 at the Government’s House in Astana Kazakhstan’s Prime Minister Karim Massimov met representatives of the International Monetary Fund.
In the course of the meeting the sides discussed Kazakhstan’s current economic policy and exchanged their opinions on global economy development prospects for the years to come.
“Our forecast of Kazakhstan’s economy development prospects is in line with that of the country’s authorities. Measures taken to abate inflation are proving effective. We estimate the inflation rate will have come down to less than 10% by year end”, Nicole Laframboise, head of the IMF mission to Kazakhstan, said.
Meanwhile, it was noted that taken into account the significant slowdown of the global economy in 2008, uncertainty at global financial markets is likely to last.
In this context, Kazakhstan still faces limited access to global capital markets. Consequently, GDP growth is expected to slack. Nevertheless, Kazakhstan is supposed to maintain high – as compared to some other countries - economic growth rates.
IMF representatives lauded the Kazakh government’s measures taken “against the backdrop of the worldwide crisis”. According to them, secured funding to banks as well as supportive state-financed measures contributed to successful crisis management.
At the same time, the IMF experts noted that toughened oversight in the financial sector is a critical component of effective management. The mission backs efforts of the Financial Supervisory Agency exerted to toughen control and run system stress testing.
According to the IMF, strong budget figures, low government debt, substantial state reserves are stable cushions against external shocks in future. The mission believes Kazakhstan has good mid-term prospects of economic growth.
The IMF mission is expected to issue its final statement comprising recommendations on further support to Kazakhstan’s economy growth.
Kazakhstan’s Prime Minister Press Service
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