Kazakhstan shows upward trend in economic development - IMF
Prime Minister Olzhas Bektenov has met today with Amina Lahreche, Head of the International Monetary Fund Mission to Kazakhstan, who assumed her duties in February of this year, Qazinform News Agency reports, citing the Government’s press service.
The sides discussed the interim results of the IMF expert group's study of recent economic trends in Kazakhstan, reform priorities, and prospects for further development.
Olzhas Bektenov emphasized the importance of partnership, noting the role of expert support in improving Kazakhstan's economic policy.
"We highly value our partnership with the International Monetary Fund, which plays a vital role in Kazakhstan's economic development. This dialogue continues through regular missions, targeted consultations, and IMF technical assistance to government agencies. I hope that the recommendations resulting from the current mission will serve as a valuable guidance for further improving the country's macroeconomic and macroprudential policies," Bektenov noted.
For her part, Amina Lahreche pointed out the significance of the government's measures to ensure macroeconomic stability and reduce inflationary pressure. The importance of implementing the Joint Action Program of the Government, the National Bank, and the Agency for Regulation and Development of the Financial Market was underscored.
Amina Lahreche said that Kazakhstan's economy was showing positive development trends. She noted improvements in the country's balance of payments and said the economy had demonstrated resilience, partly due to the effective mitigation of external factors affecting oil supplies.
Lahreche also highlighted the government's ongoing efforts to improve economic policymaking and decision-making. She positively assessed the country's monetary policy, saying it had contributed to macroeconomic stabilization. According to her, inflationary pressures were gradually easing despite strong economic growth.
She welcomed the adoption of the Joint Action Plan by the Government, the National Bank, and the Agency for Regulation and Development of the Financial Market, adding that a coordinated approach to economic policymaking would help further strengthen macroeconomic stability and support Kazakhstan's sustainable economic development.
IMF experts noted the sustainability of economic growth. The decline in oil production is being compensated for by targeted measures to develop the manufacturing, services, transport, and construction sectors. Progress has been noted in curbing inflation, improving tax administration, and strengthening fiscal policy. In this area, a number of recommendations was voiced to further reduce inflation risks and improve quasi-fiscal policy.
Advisor to the President and Chairman of the Agency for Strategic Planning and Reforms Asset Irgaliyev, Minister of Finance Madi Takiyev, First Vice Minister of National Economy Azamat Amrin, and Deputy Chairperson of the National Bank Aliya Moldabekova participated in the discussion.
Following the meeting, Olzhas Bektenov thanked Amina Lahreche and the IMF team for their support in implementing reforms.
Earlier, it was reported that President Kassym-Jomart Tokayev signed the Law ratifying the Memorandum of Understanding between the Republic of Kazakhstan and the International Monetary Fund regarding the Regional Capacity Development Center for the Caucasus, Central Asia, and Mongolia.
