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NEWS

Kazakhstan adopts plan for economic growth recovery

www.timesca.com/
20 May 2020

The government of Kazakhstan on May 19 adopted the Integrated Plan for Restoring Economic Growth by the end of 2020, primeminister.kz reported.

The plan consists of 10 areas and 172 systemic and sectoral measures to stimulate business activity, support employment and increase incomes. The draft document has been discussed in detail and agreed upon with all interested parties and the business community, including the Atameken National Chamber of Entrepreneurs and industry business associations.

"The implementation of the Integrated Plan should minimize the negative consequences of external shocks, cover all the most important sectors and practical measures to revitalize the domestic business," Prime Minister Askar Mamin said.

The plan provides for a significant expansion of financing and concessional lending mechanisms, including micro-business, and the active use of guarantee and reimbursement of export costs. The practice of concluding forward and long-term off-take contracts will be introduced. The tax load will be reduced and tax administration will be simplified, preferences and deferrals on taxes and loans will be applied, individual fines and fees will be abolished, and administrative barriers will be minimized.

New approaches will be introduced to stimulate demand in the housing market, support domestic production and the service sector.

"In general, the measures provided for in the Integrated Plan provide an opportunity to restore the activity of several industries where more than 6 million people are employed," said Mamin.

The prime minister ordered the heads of state bodies and regional akims (governors) to ensure the high-quality implementation of the plan.

"Following the instructions of the Head of State, in connection with the dramatically changed situation in the world and national economies, a new version of the Strategic Development Plan until 2025 will be formed. It will determine the main guidelines for the new economic course of the country for the medium term, including the implementation of institutional and structural reforms," said Mamin, ordering to develop a draft version of the new document by July 1, 2020.