ASTANA, Kazakhstan, January 28. We need to gradually redirect state funds to subsidize loan interest rates, which will significantly increase financing outreach and effectively channel bank liquidity into the economic circulation, Kazakhstan's President Kassym-Jomart Tokayev said at an extended government meeting, Trend reports.
Tokayev emphasized that "it has been said many times that the resources of second-tier banks should and can be used to implement government programs for the construction and modernization of large infrastructure projects."
He also reminded that between 2017 and 2020, several major Kazakh banks received state support under joint liability agreements with their shareholders, funded in part by the National Fund, for a 15-year term.
"Some banks have already covered their losses but continue to hold state-owned funds. Moreover, they earn guaranteed profits by investing in risk-free government instruments with high interest rates. The government and the National Bank are tasked with making a decision," the president added.
Notably, today’s extended government meeting in Astana, chaired by President Tokayev, also reviewed the results of the country’s socio-economic development for 2024 and outlined the key tasks for the upcoming period.