BAKU, Azerbaijan, Jan. 18
Minister of National Economy of the Republic of Kazakhstan Alibek Kuantyrov has disclosed the procedure of developing some measures to control the inflation rate, Trend reports referring to the Kazakh government.
In his speech at a meeting of the Mazhilis on January 11, 2022, President of Kazakhstan Kassym-Jomart Tokayev instructed the government, together with the National Bank, to develop some measures to control the inflation rate.
As part of the execution of the instructions of the President, the government has already taken the following measures:
- tariffs for utility services have been frozen;
- the export of certain goods from the Republic of Kazakhstan has been banned;
- marginal prices for fuels and lubricants have been set and the export of gasoline, diesel fuel, and certain types of oil products has been banned.
“The proposal was made to implement a number of measures to improve the physical availability of goods, regulate prices, take the state control measures, as well as systemic measures to reduce inflation rate as part of the further execution of the instructions of the President,” Kuantyrov said at a governmental meeting.
The minister added that the measures within the first direction include an increase in funding for spring fieldwork, improvement of the mechanism for subsidizing the agro-industrial complex, the implementation of import-substituting projects in a number of spheres and other activity.
“The measures within the second direction include the measures to prevent the growth of coal prices, a moratorium on the increase in utility tariffs and setting off a projected level of threshold prices,” Kuantyrov said.
The minister said that the measures within the third direction include the antimonopoly response measures based on the results of monitoring prices in certain markets, measures of reducing the intermediary component in the market of oil and oil products and measures of developing exchange trading.
Kuantyrov stressed that as part of systemic measures, it is planned to create a forecast balance of consumption/production of the main types of agricultural products and other food products included in the consumer basket and take prompt response measures based on the results of monitoring.
“As a result of the implementation of the measures, the inflation rate and its components are expected to be kept at the target level to prevent a shortage of goods,” the minister said.
“The system of subsidizing the agro-industrial complex will be revised by fixing mutual obligations of their recipients to increase the efficiency and transparency of access to the state support measures,” Kuantyrov said. “The measures which are being taken will contribute to the gradual stabilization of prices and the improvement of the business climate, including investment climate.”