Today, Kazakh President Kassym-Jomart Tokayev delivered his annual state-of-the-nation address themed Fair Kazakhstan: Law and Order, Economic Growth, and Public Optimism. The Head of State highlighted that Kazakh citizen now live in a completely new political reality thanks to the implemented reforms. Notably, the country is diversifying its economy, with the manufacturing industry growing faster than the mining sector. President Tokayev stressed the importance of maintaining the current growth pace and outlined the key areas of future work. Firstly, it is necessary to address the imbalance between monetary and fiscal policies, which will require the efforts of the Government and the National Bank of Kazakhstan. The second-tier banks should be incentivized to invest more funds in the country’s economy. To boost economic activity and develop the fintech sector, a new banking law should be adopted, the Head of State stressed.
«International experts rank Kazakh banks among the most profitable in resource-rich countries. Therefore, it is crucial to ensure fair taxation of this sector. The banks’ taxes should be proportionate to the dividends paid to their shareholders. This approach is especially logical given the state aid provided to banks. It is also important to create a stable regulatory environment for the circulation of digital assets and the safe implementation of innovations in the banking sector,» said President Tokayev.
The Head of State has identified improving the investment climate and business conditions as another area requiring intensified efforts. It is crucial to prevent a decrease in direct investments in the economy. President Tokayev has instructed the government to outline a pool of large-scale projects that could be funded by international financial institutions.
