Kazakh Government Committed to Ensure Economic Growth at 6%

ASTANA – Kazakh Prime Minister Olzhas Bektenov announced his government’s commitment to make every effort to ensure the country’s economic growth at 6% despite the difficult geopolitical environment and the current situation among the main trading partners during a June 21 joint meeting of the Parliament’s chambers.

Olzhas Bektenov. Photo credit: Prime Minister’s press service

According to Bektenov, construction, transport and communications sectors demonstrate growth rates of 8%, reported the Prime Minister’s press service. Today, the growth dynamics in this area are recovering after a certain decline amid the large-scale floods.

Bektenov identified construction, infrastructure, processing and agro-industrial complex as key points of economic growth. These sectors will receive priority support.

The government is involving the resources and funds of the Samruk Kazyna Sovereign Wealth Fund and Baiterek Holding, the domestic capital market, foreign direct investment and private capital in financing priority projects for the economy. This year, it is planned to finance projects worth more than 3 trillion tenge (US$6.5 billion) through Baiterek, and more than 700 billion tenge (US$1.5 billion) through Samruk Kazyna funds.

Bektenov also noted that weekly price monitoring and supply mechanisms worked out by the government allowed inflation to slow down to 8.5%.

He also announced plans to lay about 1,800 kilometers of new gas pipelines, which will additionally provide gas to 87 settlements with nearly 300,000 residents. As part of these initiatives, Kazakhstan is building new gas processing enterprises, which will increase gas-processing volumes and create additional jobs.

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