What measures is Kazakhstan taking to stabilize economy?

Kazakh Government adopted an operational action plan to stabilize social and economic situation in the country. In addition to the main goal, it is aimed at the safety and comprehensive support of Kazakh citizens and business entities, Prime Minister Alikhan Smailov said at the Government’s meeting. He noted that the plan includes assistance to those suffered in riots and deferment on bank loans for them until the end of the state of emergency. Tax and customs audits of state revenue agencies will be suspended in Kazakhstan until February 1. The document includes 51 measures in such areas as restoring public order, social and other infrastructure, social issues and preventing unreasonable rise in prices. Alikhan Smailov highlighted measures to reduce the burden on business.

“Until February 1, 2022, tax and customs audits of state revenue agencies, as well as notifications on desk audit, will be suspended. Together with the ‘Atameken’ National Chamber, it is planned to set up and adopt a program to raise incomes. I would like to note that the issue of increasing people’s income should be the most important for us. Any plan, any program should be primarily aimed at raising incomes of Kazakh citizens. The effectiveness of work will be evaluated precisely by this indicator at all levels of governance,” Kazakh Prime Minister said.

Also, Alikhan Smailov stressed that the government needs to take deeper and more systematic measures to prevent rising inflation. He instructed the Ministry of National Economy with state bodies to submit to the government a set of measures to control and reduce inflation by February 1.

Translation and editing by Saniya Sakenova