Some $5.4 billion to be allocated for Kazakhstan’s economic development
Astana, Kazakhstan, Feb. 21
By Daniyar Mukhtarov - Trend:
Some one trillion tenge ($ 1 - 184.8 tenge) will be allocated for Kazakhstan's economic development, President Nursultan Nazarbayev said on Feb.21 during a meeting on the issues of promotion of entrepreneurship and rehabilitation of the financial sector in Astana.
"External financing sources are inaccessible for us and the allocated loans are very expensive. Internal resources of the banking system are limited, as domestic banks only are getting out of the crisis. In connection with this, as you know, it was decided to allocate significant funds from the National Fund in the amount of one trillion tenge," Nazarbayev said.
The allocated sum will be spent to uphold the economy, especially small and medium business, as well as to continue the industrialization and implementation of infrastructure projects in the country, the president said.
The industrialization and implementation of infrastructure projects ensure new jobs, wages for citizens and in general, create opportunity for improving living standards, according to Nazarbayev.
The president pointed out that the National Fund has already played an important role in the period of world financial and economic crisis in 2008-2009 when significant funds were allocated from it.
"Thus, Kazakhstan's economy was saved, the decrease in pensions and wages, as happened then worldwide, was prevented. As is known, many European countries are still experiencing negative effects, reducing wages, pensions and all other payments. Today's decision also confirms the rightness of our step for establishing the National Fund. The state should have reserves in the case of difficulties that may arise, given that the global crisis is still going on," the president said.
Nazarbayev drew attention to the existence of specific bankable projects to be funded from the National Fund.
"The allocated funds will be mainly directed to the development of the processing industry.
The implementation of projects for producing qualitative products for export is also important. In this regard, a relevant commission will be established, which will deal with the distribution of borrowings," the president said.
Translated by L.Z.
Edited by C.N.