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Inflation in Kazakhstan to decrease up to 10 % - IMF mission in Kazakhstan

Astana. May 4. Kazakhstan Today - Inflation in Kazakhstan will decrease by the end of the year to the level below 10 %, the chairman of IMF mission in Kazakhstan Nicole Laframbuaz considers, the agency reports referring to the press service of the Prime Minister of Kazakhstan. According to the press service, on Tuesday the Prime Minister of Kazakhstan Karim Masimov held the meeting with the representatives of the International Monetary Fund (IMF) where the interlocutors discussed the questions of current economic policy of Kazakhstan and exchanged opinions on forecasts of development of global economy for 2008 and the next years. "Our forecast on prospects of development of economy of Kazakhstan coincides with the forecasts of the official bodies of the country. We forecast that inflation will decrease by the end of the year up to 10%, the chairman of IMF mission in Kazakhstan Nicole Laframbuaz informed. Meanwhile, taking into account significant slow down of growth of world economy in 2008, situation in the world financial markets continues to remain uncertain. Considering these circumstances, Kazakhstan is still in the economic environment with the limited access to the world markets. Accordingly, the rates of GDP growth are expected to slow down. High, by the world standards, rates of growth of economy are expected in Kazakhstan. IMF representatives highly estimated the actions of Kazakhstan leadership "in world crisis situation." In their opinion, successful management of the situation promoted maintenance of funding of the commercial banks and a package of the supporting budgetary measures carried out by the government of Kazakhstan. The experts of the mission consider that strengthening of supervision in financial sector is an essential component of the process of increase of efficiency of economic management. The mission supports measures of the Agency for Financial Supervision on strengthening of supervision and carrying out of more rigid stress-tests of the system. IMF mission plans to publish final report with recommendations on further actions for development of economy of Kazakhstan.

Resourse: Kazakhstan Today

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