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Kazakhstan economic advisers council discusses anti-crisis program implementation mechanisms

Business Materials 10 January 2009 18:09 (UTC +04:00)

Kazakhstan, Astana, Jan. 10 / Trend , K.Konirova/ Kazakhstan Government's Council of Economic Advisers discussed the specific mechanisms for the implementation of key areas of the anti-crisis program for 2009-2010, according to Kazakh President's press service. The meeting was chaired by Kazakhstan's Prime Minister Karim Masimov.

On the agenda were the macroeconomic and social stability, the stabilization of the financial sector, the settlement of problems in the real estate market, the support to small and medium businesses, the implementation of innovative, industrial and infrastructure projects, as well as the development of agro-industrial complex

The mechanisms and instruments of monetary policy, the trade balance of the country, the additional capitalization of the backbone second-tier banks, the organization of the Stress Assets Fund, the involving of the means of the accumulating pension funds to finance the mortgage lending program and to develop the housing.

"The Government's approaches to support the small and medium businesses and the lending through the second-tier banks were thoroughly discussed. A set of proposals to improve the availability of micro crediting in rural areas and to reduce the administrative barriers to business was put forward," the report says.

As part of the Council of Economic Advisers, working groups were set up in the key areas of the joint action plan among the Government, National Bank and Financial Market Supervision Authority (FMSA) to stabilize the economy and the financial system for 2009-2010. These are the support to macroeconomic stability; the stabilization of the financial sector, the solution of problems in the real estate market; the support to small and medium businesses; the agricultural development; the implementation of breakthrough innovation, industrial and infrastructure projects; the employment and support to socially vulnerable populations.

The Council of Economic Advisers was created at the request of the Prime Minister in November, 2008 in order to hold consultations with Kazakhstan's leading experts on the current economic and social issues. It is composed of leading Kazakh experts and the representatives of research centers specializing in economic issues.

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