At the government session chaired by the Prime Minister of the Republic of Kazakhstan Alikhan Smailov, the issue of the impact of the conflict in Ukraine on the country's economy was considered.

“Against the background of the well-known sharp aggravation of the foreign policy situation, the Government and the National Bank have begun to implement the Joint Action Plan. The plan includes measures to curb inflation, maintain stability in the foreign exchange market, support employment, create new jobs and develop entrepreneurship,” Prime Minister Smailov said.

To ensure stability and protect the financial market, the Government, together with the National Bank of the Republic of Kazakhstan, is implementing a program to protect tenge deposits.

As part of the protection of tenge deposits, it is envisaged to accrue premiums on deposits. Also, the Government, together with the National Bank and NCE Atameken, adopted a new set of measures to control and reduce inflation.

Under the Business Road Map 2025 program, funding will be increased, including subsidizing and guaranteeing loans. It is planned to eliminate the excessive administrative burden on the business. Regulatory acts of state bodies will be revised in priority sectors. This work on requirements revision will be continued.

This year, funds will be allocated from the republican budget within the framework of the project Auyl - El Besigi, the Comprehensive Plan for the Development of Regions and other programs.

During the meeting of the Government, the issue of support and development of the domestic industrial complex will also be discussed.

“For the development of domestic industry, the substitution of imported goods through the industrialization of the economy and the implementation of investment projects is of particular importance. At the same time, enterprises that have received support from the state are obliged to increase wages for employees,” the Prime Minister of the Republic of Kazakhstan said during the meeting.

As part of improving the efficiency of state support for the agro-industrial complex, new approaches to the subsidy system are being developed. Additionally, conditions will be created for the development of agricultural cooperation and family farms by introducing agricultural land into circulation.

“Projects aimed primarily at increasing productivity and processing agricultural products will receive priority support from the state. These and other measures will be taken by the Government this year. The Government will make every effort to implement them. Our main task is to ensure the well-being of the citizens of the country,” summed up Smailov.