The Prime Minister of Kazakhstan

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Government of Kazakhstan and National Bank issued a joint statement

30 January 2018, 10:23

At the meeting of the Government chaired by Prime Minister Bakytzhan Sagintayev, the Minister of National Economy Timur Suleimenov and the chairman of the National Bank Daniyar Akishev reported on the main directions of economic policy for 2018. As a result, a corresponding draft resolution of the Government was adopted.

In 2017, the economy of Kazakhstan came out on a dynamic growth, amounting to 4%. The growth rate of investments in fixed assets accelerated 2.7 times compared with 2016, amounting to 5.5%.

According to Timur Suleimenov, the draft statement of the Government of Kazakhstan and the National Bank was developed in order to inform the general public about the priorities of the country's macroeconomic and monetary policy for 2018.

Taking into account the new tasks defined in the President's Address to the People of Kazakhstan "New Opportunities Under the Fourth Industrial Revolution", the main directions of the economic policy for 2018 will be:

  • preservation of macroeconomic stability;
  • ensuring a favorable business climate;
  • development of economic sectors, including the digital component;
  • development of transport and logistics infrastructure.

The economic policy pursued by the Government and the National Bank will allow this year to ensure the level of inflation in the corridor of 5-7%at the end of the year. Achieving this goal will be an important step towards a gradual reduction in inflation to 4% by the end of 2020.

"The main attention of the Government will be focused on preventing unreasonable growth of prices for food and non-food products, tariffs for monopolistic services, as well as eliminating the possibility of creating an artificial shortage, price collusion and unfair competition," Timur Suleimenov said.

The budget policy in 2018 will be aimed at promoting economic growth, developing public-private partnerships and maintaining the sustainability of public finances. At the same time, all social obligations of the state will be fulfilled.

With a view to developing the economic sectors, including the digital component, the industrialization policy will continue through ensuring that the Industrialization Map projects reach the projected capacity, as well as increasing the share of high-tech industries. Work will be carried out to stimulate the introduction of Industry 4.0elements, such as Big Data, cloud technologies and 3D-printing.

In 2018, the development of the third five-year industrialization plan will begin, aimed at building the industry of the "digital era" with an emphasis on innovation, transfer of technology and the promotion of digitalization of manufacturing.

In the agro-industrial complex, work will continue to increase labor productivity through the further development of agricultural cooperation, the diversification of the structure of sown areas and the export of processed agricultural products.

Further development of the transport and logistics infrastructure will be facilitated through implementing the Nurly Zhol State Program of Infrastructure Development for 2015-2019.

In general, the economic policy in 2018 will be aimed at stimulating sustainable economic growth through ensuring macroeconomic stability, the stability of the banking sector, improving the investment and business climate, and also through the development of economic sectors.

Daniyar Akishev noted that the adoption of a joint statement and the implementation of agreed measures by the National Bank and the Government will ensure the achievement of long-term macroeconomic policy goals.

The National Bank of the Republic of Kazakhstan will continue implementing the monetary policy in the regime of inflation targeting and the policy of the floating exchange rate of tenge. In addition, it is proposed to take measures to strengthen foreign exchange control while maintaining a liberal monetary regime.