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IMF: Kazakhstan shows continued growth in non-oil sector

Business Materials 14 November 2019 14:39 (UTC +04:00)
IMF: Kazakhstan shows continued growth in non-oil sector

BAKU, Azerbaijan, Nov. 14

By Nargiz Sadikhova - Trend:

Сontinued high economic growth rates observed in Kazakhstan, experts of the International Monetary Fund (IMF) said during a meeting with Kazakhstan’s Prime Minister Askar Mamin, Trend reports with reference to the press office of Kazakhstan’s prime minister.

During the meeting, head of the IMF expert mission Mark Horton presented assessments and forecasts on the economic situation in Kazakhstan, which were included in the final statement of the mission based on the results of the visit of the Foundation staff to Kazakhstan in November 2019.

The mission noted the continued high economic growth rates in Kazakhstan, mainly in the non-oil sector, primarily in construction and services.

“Preliminary estimates indicate acceleration in the third quarter. Key factors are increased consumption and ongoing investment. This is due to budget support, high growth in retail lending, as well as investment projects in the oil and gas sector,” the IMF mission said.

In turn, Mamin noted that Kazakh economy is displaying stable growth: according to the results of 10 months of 2019, Kazakhstan's GDP increased by 4.4 percent compared to the same period last year.

The parties also talked issues of monetary, exchange rate and fiscal policies, the situation in the banking sector, Kazakhstan’s structural reforms of the economy, as well as the upcoming opening in 2020 in Almaty of the IMF Regional Technical Assistance Center for the Caucasus, Central Asia and Mongolia.

IMF is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other.

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