Joint plan of Government and National Bank to restore economic growth and support population to be adopted in Kazakhstan

At the government session chaired by Prime Minister Askar Mamin, Minister of National Economy Ruslan Dalenov reported on measures to implement the instructions of the Head of State given at an extended government session on July 10, 2020.

At the extended government session, the Head of State Kassym-Jomart Tokayev set specific tasks to ensure the restoration of economic growth and support employment and incomes of the population.

First. Pursuant to the instruction of the Head of State on the formation of a package of additional measures to support industries and the population, a plan of joint actions of the Government and the National Bank will be formed. It is proposed to consider the draft Plan at the Economic Policy Council and, if approved by the Council, to approve.

Second. In order to create a stable environment for attracting direct investment, the necessary amendments to the legislation will be introduced to the Majilis to ensure stability in maintaining conditions for strategic investors.

Third. The issue of increasing dividend payments by state companies to the budget on an ongoing basis will be studied. Based on the analysis, an appropriate regulatory legal act will be developed.

Fourth. To increase the efficiency of the budget revenues, tax preferences and benefits will be analyzed.

Fifth. To ensure tight budget discipline, the Law on Guaranteed Transfer from the National Fund will determine the target nature of guaranteed transfers. Exclusively focused on social issues and infrastructure development.

Sixth. The Head of State noted the importance of developing stock market. The Ministry of National Economy together with the Agency and the National Bank and other interested state bodies and organizations will submit information on measures taken to develop the stock market to the Presidential Administration.

Seventh. Pursuant to the instructions of the Head of State to ensure the protection of fiscal and economic interests of the state, the necessary amendments to the legislation on PPP will be introduced to increase the socio-economic efficiency of PPP projects.

Eighth. For the effective implementation of the Economy of Simple Things Program, specific indicators and strategic objectives of the Program will be identified with the introduction of counter obligations for business.

Ninth. For the development of entrepreneurship in September 2020, a full-fledged launch of the unified service “Government for Business” will be provided taking into account the elements of smart regulation. To simplify the receipt of state support and advice by entrepreneurs, the full operation of the Single Window for business will be ensured.

Tenth. To get the maximum effect from state support, digitalization tools will be actively used for the operational monitoring of counter commitments made by business entities as part of state support measures.

In general, together with the Agency for Regulation and Development of the Financial Market and the National Bank, work will be actively carried out to monitor the current economic situation and develop appropriate measures.

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