BAKU, Azerbaijan, Nov. 17
Trend:
The growth rate of the economy of Kazakhstan will reach 3.7 percent by the end of 2021, with further preservation of the recovery dynamics, International Monetary Fund (IMF) said, Trend reports via the press service of the Prime Minister of Kazakhstan.
The issue was touched upon during Kazakh PM Askar Mamin's talks with experts of the International Monetary Fund (IMF) led by the Head of the IMF mission to Kazakhstan Nicolas Blaunchet.
Mamin was presented with expert assessments and forecasts of the IMF on the economic situation in Kazakhstan, as well as the policy pursued by the Republic of Kazakhstan to minimize the consequences of the COVID-19 pandemic and support the population and business.
According to the experts of the IMF, Kazakhstan has shown positive dynamics in real GDP growth at 3.5 percent in the first 10 months of 2021, and in the return of production volumes to the level before the COVID-19 pandemic.
“Official response measures have played a key role in mitigating the impact of shocks on household incomes and economic activity. Economic policy measures included price regulation for socially important goods, cash payments to vulnerable households and targeted assistance to particularly affected sectors and small and medium-sized businesses, including concessional lending and tax incentives. Projects under the Employment Roadmap program have helped to support the employment,” the IMF said.
The IMF mission noted Kazakhstan's measures to strengthen financial supervision, inflation targeting, digitalization of tax and budget administration, as well as commitments to achieve carbon neutrality by 2060.
Mamin noted that the Government has developed national projects in the areas of regional development, entrepreneurship, agriculture, ecology, digitalization, education and science, health and social development. Also, new approaches to attracting investments have been developed and a course for the formation of a "green" economy has been determined.
The parties discussed issues of monetary, currency, fiscal policy, the situation in the banking sector, the development of the private sector and the structural reforms of the economy carried out in Kazakhstan.
The IMF mission visits Kazakhstan twice a year for annual consultations in accordance with Article IV of the IMF Agreement.