Government’s economic policy aimed at improving welfare of population and increasing quality of life — Bakhyt Sultanov

Measures to fulfill the instructions of the President Kassym-Jomart Tokayev, given on Jan. 11, 2022, during his speech in the Majilis of the Parliament were considered at the government session. Deputy Prime Minister - Minister of Trade and Integration Bakhyt Sultanov spoke about the adoption of systemic measures in the financial and economic block of the government.

First. As part of curbing food inflation and strengthening measures of state regulation of prices for socially important food products, together with the local executive bodies, measures are being taken to ensure the physical and affordability of the main types of foodstuffs.

Second. Together with the Ministry of Agriculture, full monitoring of the balances of production, consumption and redistribution of goods will be ensured.

Third. Measures are being taken to attract import supplies of food products in the framework of cooperation with the countries of Central Asia. If necessary, measures for export restrictions will be taken in a timely manner. A ban on the export of livestock and vegetables has already been established.

Fourth. The Entrepreneurial Code provides tools for applying threshold and marginal prices.

According to the minister, together with the Agency for the Protection and Development of Competition, the ministries of national economy and agriculture, approaches to threshold prices have been revised.

“This will prevent the risk of further price increases. In the event of a significant increase in prices for individual goods, the instrument of administrative fixing of marginal prices will be applied in a timely manner in the manner determined by the antimonopoly authority,” Sultanov said.

Fifth. Urgent legislative initiatives related to the functional strengthening of the activities of the Trade Committee will be prepared.

In addition, other issues are being worked out, taking into account the experience of past years related to the rush surge in prices during the off-season and the pandemic period.

To diversify the economy and improve the balance of payments, systemic proposals will be developed to increase non-resource exports by introducing “export discipline” approaches.

The experience of Southeast Asia and Eastern Europe will be used to accumulate highly qualified personnel, new technologies in the country and nurture new active players in the international market.

“It is important to focus on international trade in services and the development of cross-border trade. To this end, the ministry will develop proposals for improving exports of services and, together with the National Bank, will review the methodology for accounting for their exports. Work will continue to expand cooperation and trade with neighboring countries. Further deepening of trade and economic relations, industrial and investment cooperation will be aimed at partners in the EAEU and closest neighbors in Central Asia,” Sultanov explained.

As the Deputy Prime Minister noted, the economic policy of the Government will be aimed primarily at improving the welfare of the population and increasing the quality of life.

“Budget and fiscal policy will be balanced and transparent. Decisive measures of tax and customs administration will provide additional sources of income. In order to develop the private sector as a driver of economic growth, emphasis will be placed on strengthening SMEs through the development of competition. The efficiency and transparency of state support measures for small businesses will be increased,” Sultanov said.

Through privatization and transfer to a competitive environment, the state's share in the economy will be reduced, approaches to managing state assets will be revised.

Stay updated about the events of the Prime Minister and the Government of Kazakhstan - subscribe to the official Telegram channel