Kazakh Government, National Bank start to implement anti-crisis plan

The government and the National Bank of Kazakhstan started to implement an anti-crisis action plan. The main task is to maintain control over inflation in the country and stability in the foreign exchange market, Kazakh Prime Minister Alikhan Smailov announced today. A program to support tenge deposits was launched in the state. This means that Kazakh citizens who keep their savings on deposits in the national currency will receive bonuses.

“In connection with what is happening in the world, the concern of our population is appropriate, the society has many questions. It is clear that this situation will have an impact on our economy. According to the instructions of the Head of State, relevant decisions were made within a few days. The government and the National Bank started to implement the Joint action plan,” Alikhan Smailov said.

The government took another set of measures together with the Atameken National Chamber of Entrepreneurs. Innovations will help create new jobs and develop entrepreneurship. This year, funding for the Business Road Map 2025 program will be increased, including subsidizing and guaranteeing loans. Besides, the authorities intend to eliminate the excessive administrative burden on businesses.

“The substitution of imported goods through the implementation of investment projects is of particular importance for the development of domestic industry,” the Kazakh PM added. “At the same time, enterprises that received state support will have obligations to increase the wages of their employees. New approaches to the subsidy system are being developed in agro-industrial complex to improve the efficiency of state support. Conditions will be created for the development of agricultural cooperation and family farms by involving additional agricultural land in circulation. Projects aimed at processing agricultural products will be the priority.”

Translation by Aruzhan Bizhigitova

Editing by Saniya Sakenova