Kazakh government adjusts economic policy

ASTANA (TCA) — At the meeting of the Government of Kazakhstan on June 14, Prime Minister Karim Massimov said the President of Kazakhstan had approved some adjustments to the country’s current economic policy, the official website of the Prime Minister of Kazakhstan reported.

In particular, an important area of work will be to ensure the growth of the volume of production of the Kazakh economy which has seen a decrease in output. In this regard, Massimov instructed the Ministry of Energy and national oil and gas company KazMunayGas to ensure the increase in oil production from the planned 74 million tons to 75 million tons this year, and in October of this year to start production at the Kashagan oilfield.

At the meeting the Minister of National Economy Kuandik Bishimbayev informed on the development and support of business in the country.

According to him, the number of small and medium enterprises (SMEs) has increased by 1.3 percent in 2016. The number of people employed in this sector during last year amounted to 3,146,576 people, which is 2.8 percent more than in 2014.

Additional anti-crisis measures for 2016 include funding of SMEs and refinancing loans in the amount of 200 billion tenge from the State Pension Fund. It is also planned to attract funds from international financial institutions in the amount of 65 billion tenge, the minister added.

Sergey Kwan