Kazakhstan’s Government Aims to Reduce Inflation Twofold in 2023

ASTANA – Kazakhstan aims to reduce inflation twofold in 2023 and keep it within 9.5 percent, said Prime Minister Alikhan Smailov during a governmental session on Jan. 11, the Prime Minister’s press service reported.

The meeting of the government, headed by Prime Minister Alikhan Smailov. Photo credit: Prime Minister’s press service.

Smailov noted that the government is tasked with working cohesively to achieve a 4 percent economic growth target this year. To reach this ambitious goal, the government needs to intensify work on saturating the domestic market with domestic goods, creating permanent jobs and diversifying the economy as a whole. 

“We need to focus our attention on the implementation of the President’s Election Program. All instructions and initiatives of the Head of State are based on the population’s demands and current challenges. The contribution of each ministry and region is important for fulfilling these tasks,” Smailov said.

Prime Minister Smailov highlighted the importance of continuing the gradual reduction of the state’s share in the economy and ensuring equal opportunities for all through a comprehensive privatization effort and the transfer of some functions of government to a more competitive free-market environment.

Among other key tasks, the Prime Minister named improving investment attraction measures, modernizing housing infrastructure, devising a new tax and budget code, introducing new regulatory norms in business management and increasing the pace of the digital transformation of the economy.

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