Kazakhstan Will Confidently Overpass Complicated for World Economy Period: WB Vice President

Business Materials 17 November 2008 17:13 (UTC +04:00)

Kazakhstan, Astana, 17 November/ Trend , corr. K.Konirova/"Kazakhstan will overcome the global financial crisis," Shigeo Katsu, the vice president of the World Bank for Europe and Central Asia, said in Astana on 17 November.

"Kazakhstan will confidently overpass through the complicated for the world economy period and will play leading role in the region," the vice president said at the meeting of the Economy Policy Council (EPC) with attendance of the Kazakh Prime Minister Karim Masimov and experts of WB.

"Kazakhstan caught a cold and fell sick with flu, while other countries fell sick with pneumonia," WB vice speaker said.

EPC discussed the key action plan issues of Kazakhstan, National Bank and Agency to regulate and supervise financial markets, which will provide stable development of economy in the state of global financial crisis with taking into consideration the decisions of the Kishinev summit of CIS prime ministers and summit of G20. 

The possible economic development of Kazakhstan under the influence of the global financial crisis and economic crisis and change of international financial architecture were also considered. A special attention was paid to govern the Kazakh financial system during the worsening international lending conditions in October.

BW experts supported the estimation and approaches of the Kazakhstan Government to solve issues appeared as a result of the 'second wave' of the global financial crisis.

WB expert team united Annet Dicson, the regional director for Central Asia, Tomash Telma, the senior manager of the International Financial Corporation, Andrea Dall'Olio, the coordinator on development of private and financial sector for Central Asia, John Litvak, the senior economist of WB for Kazakhstan, Fernando Montes-Negret, the director of the private and financial development sector in Europe and Central Asia, and others.

The Economy Policy Council is a consulting organization attached to the Kazakhstan Government. The goal of the organization is to discuss and choose recommendations on more relevant issues of social and economic development of Kazakhstan.

The World Bank is an international financial organization consisting of six closely related organizations, which are united within the NATO. The common aim of organizations' is to provide assistance to developing countries through issues loans, guarantees, products to governance risks and analytical consultative services.

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