Economy • 15 November, 2019

Almaty hosts conference on Financial Market and Real Economy

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The First Deputy Prime Minister – Minister of Finance Alikhan Smailov spoke at the event. In his speech, Smailov talked about what measures the Government is taking to ensure GDP growth of 5% and above by 2025, primeminister.kz reports.

This goal was set by the Head of State in the Address “Constructive Public Dialogue – the Basis of Stability and Prosperity of Kazakhstan,” where he noted the need for structural changes.

Alikhan Smailov noted that the necessary funds are allocated annually to develop the real sector and increase the competitiveness of its industries.

So, 4.7 trillion tenge is provided for the modernization and diversification of the economy, updating the infrastructure of life support in the medium term.

“In order to develop technological chains and increase labor productivity within the framework of State Program of Industrial and Innovative Development, the republican budget for 2020-2022 provides for 279 billion tenge,” the minister explained.

According to Alikhan Smailov, 146 billion tenge will be allocated in the next three years to support entrepreneurship under the state program Business Roadmap 2025. And 600 billion tenge is provided to support private business entities with the participation of second-tier banks.

This will allow by 2025 to create about 16 thousand jobs and increase tax revenues by 1.1 trillion tenge.

1 trillion tenge is envisaged for the development of the agricultural sector, of which 355 billion will be allocated in 2020. This money will go towards subsidizing agribusiness entities, lending to agricultural producers, and to carrying out spring field and harvesting works.

The speech also touched upon the implementation of state programs, the growth of investment in fixed assets, the approval of the Comprehensive Plan for the Privatization and Development of Small and Medium Enterprises. The implementation of the Agreement on the Coordination of Macroeconomic Policy Measures between the Government and the National Bank did not remain without attention.

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