Prime Minister Olzhas Bektenov chaired a meeting of the Economic Policy Council. The meeting reviewed ongoing efforts to ensure economic growth and improve public welfare in line with the instructions of the Head of State, Kassym-Jomart Tokayev.

The meeting was attended by Chairman of the National Bank Timur Suleimenov, Deputy Prime Minister – Minister of National Economy Serik Zhumangarin, Deputy Prime Minister Kanat Bozumbayev, Deputy Prime Minister – Minister of Digital Development and Artificial Intelligence Zhaslan Madiev, Deputy Head of the Presidential Administration Yerbolat Dossayev, as well as senior officials of the Ministries of Finance, Industry and Construction, the Agency for Regulation and Development of the Financial Market, the Agency for Strategic Planning and Reforms, and others.

Kazakhstan’s economic growth reached 6.4% over the first 11 months of 2025. To ensure macroeconomic stability and increase household incomes, the Program of Joint Actions of the Government, the National Bank, and the Agency for Regulation and Development of the Financial Market for 2026–2028—developed on the instruction of the President—has been launched to stabilize the economy and enhance public welfare. The ongoing fiscal and budgetary reforms are aimed at modernizing fiscal policy and comprehensively reducing administrative barriers for business.

The Council reviewed key external and internal challenges expected in 2026 and discussed global economic trends, including forecasts of slower global growth. Members of the Council considered further measures to ensure sustainable economic growth, create productive jobs, and increase median wages. Support for household incomes will be provided through import substitution efforts and the saturation of the domestic market with locally produced goods, including through the implementation of the “Investment Order” program. The importance of strengthening competition among Kazakhstan-made products by improving quality and adopting modern technologies was emphasized.

It was noted that Kazakhstan’s economy is steadily moving away from raw-material exports, with an increasing share of finished goods being exported to global markets, reflecting the formation of a more diversified economic structure.

Attention was also paid to expanding the share of private investment in infrastructure projects. The need to increase the role of second-tier banks in financing the real sector of the economy and to channel foreign investment toward large projects with a strong multiplier effect was highlighted.

The Prime Minister underscored the priority task of reducing inflation, including the steady decline in prices for food and non-food goods as well as services.

“Despite the challenging external environment, our country’s economy continues to grow. Structurally, we see growth in manufacturing, construction, trade, and transport. In other words, growth is balanced. We are observing a downward trend in inflation. I instruct everyone to ensure high-quality implementation of the task set before us to reduce inflation,” Olzhas Bektenov emphasized.

Following the meeting, the Ministry of National Economy, together with the National Bank and the Agencies for Strategic Planning and Reforms and for Regulation and Development of the Financial Market, was instructed to ensure continuous monitoring of the economic situation and to take coordinated and prompt actions to mitigate potential risks.

#Olzhas Bektenov #Economy #President's instruction

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