ASTANA – Prime Minister Olzhas Bektenov chaired a meeting of the Coordination Council on cooperation between the Kazakh government and international financial institutions on April 8, bringing together representatives of the World Bank, International Monetary Fund (IMF), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB), Islamic Development Bank (IDB) and Eurasian Development Bank (EDB).
Participants reviewed the progress of infrastructure construction and modernization projects across the country, as well as initiatives aimed at strengthening macroeconomic stability, developing human capital and advancing innovation, including AI.
Officials noted that Kazakhstan is entering a new stage of development following the adoption of its updated Constitution, with a focus on improving the legal framework to enhance the country’s investment appeal by providing stronger guarantees for project implementation.
The meeting underscored the importance of implementing a joint action program between the government, the National Bank of Kazakhstan and the Agency for Regulation and Development of the Financial Market for 2026–2028, aimed at macroeconomic stabilization and improving public welfare. Since October 2025, annual inflation has shown signs of slowing, reflecting the impact of coordinated policy measures.
“We intend to continue a decisive policy to reduce price pressure and inflation,” Bektenov said, adding that the government aims to increase real incomes by at least 2–3% this year.
Representatives of international financial institutions, including World Bank Regional Practice Manager Antonio Nucifora and IMF Mission Chief Amina Lahrèche, presented recommendations to support macroeconomic stability, focusing on boosting productivity and strengthening the private sector’s role as a driver of growth.
Kazakh officials emphasized the need to reduce the state’s share in the economy and expand bank lending to the real sector. Asset Irgaliyev, presidential adviser and head of the Agency for Strategic Planning and Reforms, said this would help prevent competition between state and private capital.
Deputy National Bank Chair Aliya Moldabekova said fiscal and monetary policies are being coordinated to curb inflation and anchor expectations. She noted that growth in household lending slowed from 21.9% in 2024 to 8.7% in 2025, reflecting tighter macroprudential measures.
Vice Minister of National Economy Asan Darbayev outlined steps to contain food inflation, including increasing domestic production, improving supply chains and logistics, ensuring price transparency and supporting producers of socially important food items. Officials also reported a gradual decline in inflation in the first quarter, supported by a newly developed step-by-step policy framework.
The council also reviewed an institutional project supported by the International Bank for Reconstruction and Development to develop human capital, entrepreneurship and AI markets.
Deputy Prime Minister and Minister of AI and Digital Development Zhaslan Madiyev and World Bank Country Manager Andrei Mikhnev outlined plans to strengthen innovation ecosystems and accelerate commercialization, including through expanded international cooperation in AI, big data and additive manufacturing.
Bektenov reaffirmed that digitalization and AI are national priorities, noting that 2026 has been designated as the Year of Digitalization and AI in Kazakhstan, with a focus on scaling AI solutions and transitioning toward data-driven governance.
The meeting also addressed a wastewater treatment plant project in Aktobe, implemented under a national infrastructure modernization program with EBRD support. Officials reported a reduction in the project’s loan burden, with the EPC contract signed at approximately 7.9 billion tenge below the initial financing agreement.
Vice Minister of Industry and Construction Iran Sharkhan said the project’s parameters were optimized without reducing its scope. EBRD Managing Director for Central Asia and Mongolia Hussein Ozhan confirmed the lender’s position.
Council members also approved expanding its composition to include the Eurasian Fund for Stabilization and Development. Since February, the council’s decisions have become binding for all government bodies, aimed at improving coordination with international financial institutions.
Bektenov concluded by emphasizing the importance of continued engagement with international partners and instructed relevant agencies to review the proposals discussed at the meeting.
“We highly appreciate your contribution to Kazakhstan’s socio-economic development. The government remains open to dialogue and cooperation to advance structural reforms, modernize infrastructure and introduce best practices,” he said.
