Prime Minister of the Republic of Kazakhstan Olzhas Bektenov held a meeting with Amina Lahreche, Chief of the International Monetary Fund Mission to Kazakhstan, who took up her duties in this position in February this year.

During the meeting, preliminary results of the IMF expert group’s activities on studying the latest trends in Kazakhstan’s economy, priorities of ongoing reforms, and prospects for further development were reviewed.

Prime Minister Olzhas Bektenov emphasized the importance of the partnership, noting the role of expert support in improving Kazakhstan’s economic policy. The new Constitution adopted in Kazakhstan creates an institutional foundation for the development of a diversified and sustainable economy. In accordance with the instructions of President Kassym-Jomart Tokayev, a comprehensive agenda for economic modernization is being implemented.

“We highly value our partnership with the International Monetary Fund, which plays an important role in Kazakhstan’s economic development. This dialogue continues within the framework of regular missions, targeted consultations, and technical assistance from the IMF to state bodies. I hope that the recommendations following the current mission will serve as a valuable guideline for further improvement of the country’s macroeconomic and macroprudential policy,” the Head of the Government noted.

IMF Mission Chief to Kazakhstan Amina Lahreche noted the importance of the measures taken by the state to ensure macroeconomic stability and reduce inflationary pressure. She highlighted the importance of implementing the Joint Action Program of the Government, the National Bank, and the Agency for Regulation and Development of the Financial Market.

“Today we can note the positive dynamics of Kazakhstan’s economic development. The balance of payments situation is improving, the economy demonstrates resilience, including due to effective compensation for external factors related to oil supplies. We also note the consistent improvement of economic policy and the decisions being made. We positively assess the monetary policy being pursued, which contributes to macroeconomic stabilization. While maintaining high rates of economic growth, there is a gradual reduction in inflationary pressure. We welcome the adoption of the Joint Action Plan of the Government, the National Bank, and the Agency for Regulation and Development of the Financial Market and believe that a coordinated approach to the implementation of economic policy will contribute to further strengthening of macroeconomic stability and sustainable development of Kazakhstan’s economy,” Amina Lahreche said.

The Fund’s experts note the resilience of economic growth. Systemic measures to develop the manufacturing sector, services, transport, and construction compensate for the reduction in oil production. Progress was noted in slowing inflation, improving tax administration, and enhancing fiscal policy. In this direction, a number of recommendations were voiced for further reducing inflationary risks and improving quasi-fiscal policy.

The discussion was attended by Advisor to the President – Chairman of the Agency for Strategic Planning and Reforms Asset Irgaliyev, Minister of Finance Madi Takiyev, First Deputy Minister of National Economy Azamat Amrin, and Deputy Chairman of the National Bank Aliya Moldabekova.

Following the meeting, Prime Minister Olzhas Bektenov thanked Amina Lahreche and the IMF team for their support in implementing reforms. The Government of Kazakhstan is open to constructive dialogue aimed at further strengthening mutually beneficial partnership. The proposals and recommendations of the IMF presented following the visit will be considered by the relevant state bodies.

#Olzhas Bektenov #The Prime Minister of the Republic of Kazakhstan #Economy #International Cooperation #President's instruction

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