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Microcredits cover 120.4 billion tenge worth output – T. Duissenova

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by October 19, 2016 Business

Minister of Health and Social Development Tamara Duissenova spoke about an impact of microcredits on labor market and economics.
“I want to dwell on an effect we gained from microcredits for labor market and economy as a whole. Due to formalization of activities, new entrepreneurs made 9.6 billion tenge of pension contributions and 4.3 billion tenge of social insurance contributions. The minimum amount of tax revenue in the form of income tax is estimated at 4.2 billion tenge. An estimated amount of manufactured products is 120.4 billion tenge since the beginning of program implementation. In the absence of these measures of supporting the entrepreneurial initiatives of the citizens, the unemployment rate would have amounted today to almost 5.8% instead of 5% we had in 2015,” T. Duissenova said at the round table on the “Employment Roadmap 2020” implementation at the Senate of the Parliament.
The “Unemployment Roadmap 2020” was approved by the Government on March 31, 2015.
The program aims at improving employment, promoting the wellbeing improvement, reducing the unemployment. It is being implemented in the following areas: employment through developed infrastructure and housing services; stimulation of entrepreneurial initiatives; training and assistance in employment and resettlement, taking into account the real demand of the employer.
Entrepreneurs are provided with microcredits as per the 2nd direction. Currently, the maximum size of microcredits is 6 million tenge. Since the beginning of program implementation, about 70 billion tenge was allocated for microcredit purposes.

Source: Government of the Republic of Kazakhstan

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