IMF Center for Development of Caucasus, Central Asia and Mongolia to be opened in Almaty

IMF Center for Development of Caucasus, Central Asia and Mongolia to be opened in Almaty
Фото: El.kz 07.06.2023 13:28 2186

In the near future, it is planned to open an International Monetary Fund (IMF) Regional Center in Almaty, which will focus on capacity development for the countries of the Caucasus, Central Asia and Mongolia. Currently, a comprehensive assessment of the financial sector in the republic is being carried out. This was announced by the Prime Minister of Kazakhstan Alikhan Smailov during a meeting with the head of the IMF mission in Kazakhstan Nicolas Blanchet, El.kz reports with reference to the official website of the government.

At the meeting, the parties discussed the current situation and measures taken to develop the real, budgetary and financial sectors of the republic's economy. The priorities of Kazakhstan's economic policy for the medium term were outlined, and structural reforms announced by the President of the country were discussed. Important attention was paid to measures aimed at combating climate change.

Alikhan Smailov expressed confidence that cooperation between Kazakhstan and the IMF can reach a new qualitative level.

The Prime Minister noted that despite external challenges, the economy of Kazakhstan continues to demonstrate positive growth rates, which amounted to five percent for the period January-April. In addition, last year the country attracted a record amount of foreign direct investment over the past 10 years, reaching $28 billion.

At the same time, the government continues systematic work on the further development of the national economy. As part of the fiscal policy reset for 2023, new Tax and Budget Codes have been developed, which are aimed at reducing the oil deficit to five percent of GDP

"We plan to ensure the growth of foreign exchange assets of the National Fund to $100 billion by 2030," the Prime Minister stressed. This will be achieved through the implementation of a set of measures aimed at improving the economic situation and attracting investment.

In general, the opening of the IMF Regional Center in Almaty is an important event for Kazakhstan and the region as a whole. This will strengthen cooperation in the field of financial development and provide support to the economies of the countries of the Caucasus, Central Asia and Mongolia.

Kazakhstan continues to diversify its economy, develop the financial sector and attract foreign investment in order to ensure sustainable growth and prosperity in the future.

He also noted that Kazakhstan is actively pursuing a phased transition to the use of alternative energy sources and improving energy efficiency in the economy.

In turn, Nicolas Blanchet noted the significant achievements of Kazakhstan in strengthening economic policy, as well as in the budgetary and financial sectors.

"This year, economic activity is very high. We are witnessing a decrease in inflation and would like to note the effective measures taken by the government and the National Bank of Kazakhstan to gradually control it. Over the past three years, Kazakhstan has faced several challenges, but we see that the country is successfully coping with them," Blanchet said.

He also added that the International Monetary Fund plans to continue to support Kazakhstan in the implementation of development reforms.

"We are ready to develop our strategic partnership in various ways and formats, including our Capacity Development Center in Kazakhstan, which will provide assistance to your republic and the entire region," the head of the IMF stressed.

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