Economic Economic stabilisation programme in Kazakhstan programme in Kazakhstan

Almaty, 16 October 2008, (Khabar) - According to foreign experts, the larger part of Eurasia will not face with problems on the stock exchange, budget deficits or even sharp decreases in mortgage lending.

Moreover, separate countries may become like
“oases in a desert of the world’s economic collapse” and Kazakhstan, which
has taken measures for the stabilization of its economy, is amongst them.
The country started the mobilization of internal assets and now the
stabilization of the economy will be the main aim of the Kazakh government
for the next two years. Nursultan Nazarbayev has asked for the development
of a programme to overcome the second wave of the financial crisis that must
meet such priorities as providing macro economical stability, social
prosperity for Kazakhstan’s residents and the modernization of the economy.
According to the president, 10 billion US dollars from the National fund
will be allocated for this purpose. Robust support should first of all be
rendered to the economic sphere so the mega holding “SamrukKazyna”, which is
set to become a powerful financial and economic organisation, is in the
process of being set up.

Anar Rakhimzhanova, department supervisor of KISI economic investigations:
- By merging active investments with the strengthening of these two
organizations, we will solve the problems on the modernization of the
economy, its industrialization, make the development of the region more
systematic and in general we will implement all the aims that were included
in the president’s message and the 2030 strategy. The national fund was
formed in order to smooth out the influence of the crisis.

Economists refer to the reserve funds which Kazakhstan has saved over many
years as an “airbag” for the domestic economy and say that it is a great
help to the financial system. According to economists, in the near future
such measures will help in solving many problems including the refinancing
and repayment of loans by the local banks. To provide the banking system
with liquidity, the National fund, as the main controller of the market, was
asked to develop some measures for the counteraction of the financial
depression, including the protection of Kazakh residents’ savings.

Bakhyt Mazhenova, head general of Kazakhstan deposit guaranteeing fund:
- The president’s decision to increase the amount of compensation to 5
million tenge is very strong and depositors will be very happy. In
comparison, I want to say that Russia, for example, raised the amount of
compensation from 400 thousand rubles to 700 thousand rubles. 5 million
tenge is equivalent to about 1 million rubles.

The main point of the economic stabilisation programme relates to social
issues. Nursultan Nazarbayev has made assurances regarding measures for the
further improvment of Kazakhstan’s residents’ welfare and next year, welfare
payments, salaries and pensions will be increased.