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AEF high-level discussion: the IMF proposes to open a regional technical assistance center in Kazakhstan

by May 16, 2018 Market

Today in Astana on the eve of the XI Astana Economic Forum, Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev took part in the High-level Discussion within the framework of the regional meeting of the IMF and the National Bank.

Addressing the participants of the round table, B. Sagintayev noted that this year the forum is held as the Global Challenges Summit, which is connected with the fundamental changes occurring all over the world.

The world is changing rapidly under the influence of the technological revolution. And this global transition requires all countries and governments, corporations and business to preemptively cooperate in the most breakthrough areas of global change.

Kazakhstan supports the development of the global Belt and Road initiative and is ready for full-fledged international cooperation regarding this project, Bakytzhan Sagintayev stressed.

Since the end of 2015, Kazakhstan is an official member of the World Trade Organization. This is an opportunity for our country to transform itself from the leader of the Central Asian region into the largest participant of the global economic process.

The Government of Kazakhstan is ready to promote the dissemination of best practices and exchange of experience with the IMF, with the countries of the Caucasus and Central Asia in all these areas.

The discussion covered issues of the preparedness of countries for integration and cooperation, use of opportunities and avoidance of risks, as well as the vision of modern macroeconomic, financial and structural policies that meet the national interests of the states of the region.

The Deputy Managing Director of the IMF, Mr. T. Zhang, also addressed the participants of the discussion with a welcoming speech.

The IMF made a presentation on its regional and global integration. The discussion on various areas of global economy and modern challenges saw participation of First Deputy Governor of Da Afghanistan Bank W. Nosher, Deputy Prime Minister of the Republic of Armenia V. Gabrielyan, Chairman of the Central Bank of Uzbekistan M. Nurmuratov, Managing Director of the European Bank for Reconstruction and Development M. Romani, Chairman of the Board of the Eurasian Economic Commission T. Sargsyan, Deputy Managing Director at the IMF T. Zhang, ADB Director General for Central and West Asia W. Liepach, Chief Economist of the World Bank Regional Office for Europe and Center Asia H. Timmer and others.

An issue was raised about opening an IMF regional center for technical assistance in Kazakhstan. Earlier, in May 2017, the IMF’s initiative to create an IMF technical assistance center for the Caucasus and Central Asia in the Republic of Kazakhstan was announced by the Director of the Middle East and Central Asia Department at the IMF, Mr. Jihad Azour.

This initiative reflects the close relationship between Kazakhstan and the IMF and underlines the important strategic role of Kazakhstan in the region for promoting world standards in the field of technical assistance in the region.

For reference: the IMF was established on December 27, 1945, with the aim of regulating the monetary and credit relations of the member states and assisting them when there is a gap in the balance by providing short- and medium-term loans in foreign currency. The IMF serves as the institutional foundation of the world monetary system.

IMF consists of 189 member-countries. Kazakhstan became a member of the IMF on July 15, 1992. Since autumn 2010, Kazakhstan has been a member of the Swiss IMF subgroup (previously Kazakhstan was part of the Belgian subgroup), which also includes Switzerland, Poland, Serbia, Azerbaijan, Kyrgyzstan, Turkmenistan and Tajikistan.

Source: Government of the Republic of Kazakhstan