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.
