Government • 27 June, 2018

B.Sagintayev meets with head of IMF mission: Kazakhstan successfully adapted to "new normality"

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The Prime Minister Bakytzhan Sagintayev met with International Monetary Fund Mission Chief to Kazakhstan Mark Horton, reports

At the meeting, issues of further cooperation with the IMF on the development of macroeconomic and fiscal policy, the activities of the financial sector, as well as the implementation of the large-scale programs Nurly Zhol and the Nation’s Plan “100 Concrete Steps,” privatization programs, land reforms and the Astana International Financial Center were discussed.

International Monetary Fund Mission Chief to Kazakhstan Mark Horton noted positive changes in the economy of Kazakhstan. In the medium term, a stable situation is expected in the global economy and in financial and commodity markets.

"Kazakhstan has successfully adapted to the ‘new normality’ and continues to adhere to a flexible model of the economy. A platform for macroeconomic stability will be the state's effective monetary and fiscal policies, a stable financial sector and the stock market,” Horton said.

Along with the implementation of the current program documents, as Horton stressed, the driving force of economic growth will be technological modernization of the economy, taking into account the introduction of elements of the Fourth Industrial Revolution and large-scale digitalization. The main recipients of innovations will be the manufacturing industry, agriculture, transport and logistics, as well as construction.

"Thanks to the implementation of state programs for industrial-innovative development, infrastructure development, housing construction, digitalization of the economy and other programs, the positive dynamics of all sectors of the economy have been ensured. We support you in promoting and successfully implementing all state programs," the IMF mission chief added.

The Prime Minister Bakytzhan Sagintayev noted that the Government of Kazakhstan is ready to promote the dissemination of best practices and exchange of experience with the IMF.

Kazakhstan became a member of the IMF July 15, 1992. Since autumn 2010, Kazakhstan has been a member of the Swiss IMF subgroup (formerly Kazakhstan was part of the IMF's Belgian subgroup), which also includes Switzerland, Poland, Serbia, Azerbaijan, Kyrgyzstan, Turkmenistan and Tajikistan.

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