Kazakhstan, IMF discuss prospects for cooperation
The progress in the development of Kazakhstan’s economy is evident. The private sector, supported by the government, should play a leading role in the further growth of the country’s economy, as noted by the Head of the International Monetary Fund (IMF) mission for Kazakhstan Nicolas Blanchet during a meeting with Kazakh Prime Minister Alikhan Smailov. The parties discussed plans of cooperation between Kazakhstan and the IMF for the near and medium term. Smailov stressed that the Government attaches great importance to the partnership with the IMF and appreciates its contribution to the development of Kazakhstan’s economy, which has adapted to new conditions and shows steady growth. Thus, the country’s GDP reached about five percent in the first 10 months. Investments in fixed capital have grown by over 12.5 percent. Smailov added that international rating agencies affirmed Kazakhstan’s sovereign credit rating at the investment level. The Moody’s agency, in particular, upgraded its forecast from stable to positive. Besides, work continues to improve tax and budgetary policies in the country. Thereby, new Tax and Budget Codes are being developed. On his part, Nicolas Blanchet stated that Kazakhstan has plenty of strength and potential to achieve greater economic growth in the future, especially considering that much has already been done to achieve that goal.