Baku, Azerbaijan, September 18
By Nargiz Sadikhova - Trend:
The World Bank being an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects has identified four strategic areas that need strong policy reforms, the spokesperson for the World Bank (WB) told Trend.
According to the spokesperson, WB identifies key development challenges and opportunities to eradicate poverty, increase productive employment, and boost shared prosperity through growth of the middle class of Kazakhstan in its recently developed Systematic Country Diagnostic (SCD) for Kazakhstan.
“The SCD report, which was done in consultation with the national authorities and relevant stakeholders, presents four strategic areas, which, we believe, need strong policy reforms for Kazakhstan to achieve the country’s ambitious development goals,” the spokesperson said.
According to the spokesperson, they include: strengthening economic management for diversification, such as optimizing the use of Oil Fund and fiscal resources to promote sustainable and inclusive growth; addressing constraints for private sector development; maximizing opportunities from economic integration and connectivity; and addressing problems preventing Kazakhstan to have productive and adaptive human and natural capital.
Furthermore, talking about the areas of economy that require development in order for Kazakhstan to become one of the world’s top 30 economies the spokesperson added that, WB believes that achieving a dynamic private sector and creating a sound and viable financial sector that supports inclusive growth are the key component of success for Kazakhstan.
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