21 November 2023, 08:30
Plans for cooperation between Kazakhstan and the International Monetary Fund for the near and medium term discussed Prime Minister of Kazakhstan Alikhan Smailov and the head of the IMF mission in the Republic of Nicolas Blanchet.
During the meeting it was emphasized that the Government attaches great importance to the partnership with the International Monetary Fund and appreciates its contribution to the development of Kazakhstan's economy.
Important events of this year were the visit of IMF Managing Director Kristalina Georgieva to Kazakhstan and the opening of the Regional Center for Capacity Development for the Caucasus, Central Asia and Mongolia in Almaty.
As Alikhan Smailov noted, to date the economy of the republic has adapted to the new conditions and shows steady growth. Thus, the GDP growth amounted to 4.9% in the first 10 months of the year. Investments in fixed capital grew by 12.6%, which is a prerequisite for positive dynamics in future periods, in particular, in 2024. At the same time, there is a significant slowdown in inflation due to the implementation of joint measures of the Government and the National Bank.
He added that international rating agencies have also confirmed the sovereign credit rating of Kazakhstan at the investment level. At the same time in October Moody's agency improved its outlook on the rating from stable to positive.
According to Prime Minister, currently in Kazakhstan work on improvement of fiscal policy continues. A new Budget Code is being developed, aimed at simplifying budgetary processes, improving inter-budgetary relations and improving the quality of public finance management in general. In addition, a new Tax Code is being developed.
"For us, the main tasks are to ensure macroeconomic stability and further sustainable economic growth. In this context, we are grateful to the IMF for its continued support," Alikhan Smailov said.
In turn, Nicolas Blanchet noted that Kazakhstan has enough strength and opportunities to achieve greater economic growth in the future.
"We see the ambitions of the republic to achieve higher growth rates, and we take into account the progress that has already been made. We note this progress in many areas. Of great importance is how this growth will be delivered. That is what is reflected in our advice and recommendations. In our opinion, the leading role should be played by the private sector with the support of the state," the IMF mission head in Kazakhstan said.
At the end of the meeting, the parties confirmed the willingness to continue cooperation for further improvement and development of the financial sector of Kazakhstan.#Alikhan Smailov #The Prime Minister of the Republic of Kazakhstan #Budget Policy #Economy #Finance #International Cooperation