Kazakhstan and World Bank developing action plan for economic reform
Deputy Prime Minister and Minister of National Economy of Kazakhstan Serik Zhumangarin held a working meeting with the World Bank’s Resident Representative in Kazakhstan, Andrei Mikhnev, and international experts of the organization, Qazinform News Agency reports, citing the country’s Government.
The meeting continued a series of discussions initiated by the Kazakh Prime Minister and was fully dedicated to the implementation of a new investment cycle, attracting long-term capital, increasing economic productivity, and preparing practical mechanisms for further structural reforms.
The discussion was attended by representatives of the ministries of national economy, finance, foreign affairs, artificial intelligence and digital development, as well as other government agencies concerned and the quasi-public sector.
During the talks, World Bank experts presented the structure of a future analytical report based on data from Kazakhstan’s public sector. The discussion focused on the 3I model - investment, implementation, and innovation, aimed at the qualitative transformation of the economy toward higher productivity, technological renewal, and income growth for the population.
As part of the report presentation, significant emphasis was placed on improving public expenditure planning and developing proactive social support measures. The experts highlighted Kazakhstan’s high level of digitalization, which enables state assistance to be provided as quickly, precisely, and effectively as possible to the population groups that need it most.
In discussing business support tools, experts presented an analysis of the Damu Fund programs, noting the high effectiveness of partial credit guarantee mechanisms as a driver of employment growth and modernization of SME enterprises.
Following the meeting, the sides agreed to move from analytical recommendations to the practical implementation of initiatives. Together with the Ministry of National Economy, the Agency for Strategic Planning and Reforms (ASPR), and other government agencies, a joint working group will be formed to prepare a comprehensive action plan.
The consultation process is of key importance to us. It is important that the proposed measures are thoroughly discussed with each relevant ministry, local executive agency, and fully take into account their current tasks. Full involvement of the regions from the outset will allow us to better consider local specifics and develop practical tools for each region. We hope to jointly prepare a draft action plan by September-October so that, after high-level discussion, it can be presented as a coordinated overall strategy, said Mikhnev.
In turn, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin outlined the strategic priorities of the joint work.
Our main task is to translate deep economic analysis into practical and clear measures. The new investment cycle, as mentioned by the Head of State, requires proactive approaches from us. We are focused on creating the most attractive conditions for long-term private capital, removing barriers to technological modernization, and providing domestic businesses with effective development tools. The joint action plan with the World Bank will become a concrete benchmark that ensures continuity of ongoing structural reforms and lays the foundation for qualitative economic growth, stressed the deputy prime minister.
Earlier, Qazinform reported Kazakhstan ranks among countries with a high level of investment activity.
