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KAZAKH GOVERNMENT ADOPTS ECONOMIC REHABILITATION PACKAGE

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by May 19, 2020 General

The Government of Kazakhstan has adopted the Economic Growth Rehabilitation Package till the end of 2020, Strategy2050.kz refers to the Prime Minister’s press service.

The plan consists of 10 areas and 172 systemic and sectoral measures to stimulate business activity, support employment and increase incomes. The draft document has been discussed in detail and agreed upon with all interested sides and the business community, including the Atameken National Chamber of Entrepreneurs and industry business associations.

“The implementation of the Package should minimize the negative consequences of external shocks, cover all the most important sectors and practical measures to revitalize the domestic business”, Mamin said.

The proposed measures provide for a significant expansion of financing and concessional lending mechanisms, including micro-business, and the active use of guarantee and reimbursement of export costs. The practice of concluding forward and long-term off-take contracts will be introduced. The load will be reduced and tax administration will be simplified, preferences and deferrals on taxes and loans will be applied, individual fines and fees will be abolished, administrative barriers will be minimized.

New approaches will be introduced to stimulate demand in the housing market, support domestic production and the service sector.

“In general, the measures provided for in the Package provide an opportunity to restore the activity of several industries where more than 6 million people are employed”, said Mamin.

The Head of Government instructed the first heads of state bodies, the Governors to ensure the high-quality implementation of the plan’s activities on time.

“On the instructions of the Head of State, in connection with the dramatically changed situation in the world and national economies, a new version of the Strategic Development Plan until 2025 will be formed. It will determine the main guidelines for the new economic course of the country for the medium term, including the implementation of institutional and structural reforms”, said Mamin, instructing to develop a draft new version of the document by July 1, 2020.

 

 

Source: Kazakhtan 2050

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