ASTANA —The International Monetary Fund (IMF) has highlighted Kazakhstan’s economic resilience and progress in reducing inflationary pressures, despite challenges linked to lower oil production, during a meeting between Prime Minister Olzhas Bektenov and newly appointed IMF Mission Chief for Kazakhstan Amina Lahreche on June 12.
Bektenov emphasized the importance of Kazakhstan’s long-standing cooperation with the IMF and the role of the institution’s analytical and technical support in shaping economic policy. Photo credit: prime minister.kz
According to the Prime Minister’s press service, the discussions focused on preliminary findings from an IMF mission reviewing recent economic developments, ongoing reforms and Kazakhstan’s medium-term growth prospects.
According to the IMF, growth in manufacturing, services, transport and construction has helped offset declines in oil production, supporting overall economic expansion.
Lahreche welcomed measures taken by the government to preserve macroeconomic stability and curb inflation, noting improvements in the country’s balance of payments and the economy’s ability to absorb external shocks.
“Today, we can note positive dynamics in Kazakhstan’s economic development. The balance of payments situation is improving, and the economy is demonstrating resilience, including through the effective mitigation of external factors related to oil supplies,” Lahreche said.
She also assessed Kazakhstan’s monetary policy positively, noting that it has contributed to macroeconomic stabilization while inflationary pressures continue to ease.
The IMF mission additionally welcomed the Joint Action Plan adopted by the government, the National Bank and the Agency for Regulation and Development of the Financial Market, describing coordinated policymaking as an important factor in maintaining stability and supporting sustainable growth.
Bektenov emphasized the importance of Kazakhstan’s long-standing cooperation with the IMF and the role of the institution’s analytical and technical support in shaping economic policy.
“We highly value our partnership with the International Monetary Fund, which plays an important role in Kazakhstan’s economic development. We hope the recommendations resulting from the current mission will serve as a valuable guide for the further improvement of the country’s macroeconomic and macro prudential policies,” Bektenov said.
The prime minister noted that Kazakhstan is implementing a broad economic modernization agenda under President Kassym-Jomart Tokayev, aimed at strengthening economic diversification and long-term sustainability.
IMF experts also pointed to progress in tax administration reforms, fiscal policy improvements and efforts to reduce inflation risks. The mission provided several recommendations to strengthen fiscal management further and maintain price stability.
The government said relevant state agencies will review recommendations presented by the IMF mission as part of ongoing efforts to strengthen macroeconomic stability and support sustainable growth.
