Kazakhstan's forecast may be more accurate than ours ? IMF Managing Director

At a briefing after the meeting with Prime Minister of Kazakhstan Karim Massimov the IMF Managing Director noted that due to the rapidly changing situation in the world and in our country, Kazakhstan?s GDP can not be cut by two percent, as the IMF experts consider, but increase by one percent ? this is the Kazakh Government?s forecast. According to Mr. Dominique Strauss-Kahn, successful overcoming of the impact of the global crisis upon Kazakhstan?s economy is connected with the balanced policy of President N. Nazarbayev. The realization of his ideas will help Kazakhstani economy recover quickly. ?What affects the whole world affects Kazakhstan. Even right and appropriate measures do not mean crisis avoidance. The world crisis touched Kazakhstan, its growth rates slowed down as throughout the world. But I think that without such measures the crisis could have been deeper and longer?, D. Strauss-Kahn emphasized. He appreciated the policy of the Government and the National Bank. According to him, this policy should continue until all problems in the banking and financial sphere are fully settled. Calling the Government?s measures absolutely reasonable and allowing to ease negative influence of the crisis on the economy, Mr. Dominique Strauss-Kahn noted that the measures on economic growth support and employment of population should be continued. Reading a lecture in the Public Administration Academy under the President of Kazakhstan he spoke about it as well. The IMF Head considers that the crisis turned to be more painful for the developed countries than for the developing ones. The crisis affects Kazakhstan through the export decrease and instability of prices for primary sector products. Nevertheless, while in the most developing republics the crisis leads to the stop of capital flows, Kazakhstan Government?s measures provide maintenance of the volumes of foreign investments, at least, at the last year?s level. As for the IMF activity, Mr. Dominique Strauss-Kahn emphasized that the IMF makes every effort to support its member states. The volumes of crediting were significantly increased. The member states receive recommendations on holding of antirecessionary activities. The IMF rapidly responded the crisis. Its loan extension commitments reached a record level of USD 157 billion. After the briefing Dominique Strauss-Kahn took part in the roundtable on ?Global financial crisis and its impact on Kazakhstan?s economy? organized by the National Economic Chamber of Kazakhstan ?Atameken Union?. He took an interest in the opinion of Kazakhstan?s businessmen on the Government?s anti-crisis measures. It is extremely important for us that the acquaintance with the economic situation in Kazakhstan allowed the IMF Managing Director to speak about the opportunities of rendering technical support in reforming of Kazakhstan?s banking system. The Government constantly informs the Fund of its plans on economy stabilization. Such level of cooperation satisfies the IMF management.