Kazakhstan Prepared to Encounter Economic Crisis, Says Ambassador
Azerbaijan, Baku, 23 October /Тrend News corr. N.Abdullayeva/ Kazakhstan is prepared to encounter any economic challenge. "Kazakhstan has made a range of steps to prevent financial crisis in the country," country's Ambassador to Azerbaijan Serik Primbetov said at a round table on 23 October.
According to Primbetov, Kazakhstan will direct its efforts to provide macroeconomic stability and social welfare.
"We must operate in an unusual economic environment. The main purpose of the Kazakh Government is to overpass the consequences of the global economic crisis to 2009-2010," said Primbetov.
The financial crisis originated from the United States in 2006 after collapse of the mortgage lending market. The major reason was rise in number of unreturned mortgage loans to by unreliable borrowers. In summer 2007, over 100 companies announced their insolvency.
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