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Kazakh government adopts anti-crisis program action plan
Astana, January 13 2009
The government of Kazakhstan adopted the action plan of the anti-crisis program during the Tuesday meeting in Astana, the reporter from Interfax-Kazakhstan said.
"The document, entitled "The Joint Action Plan of the Government, the National Bank and the Financial Supervision Agency (FSA) for Economic and Financial Stabilization in 2009-2010" is quite satisfactory. It clearly reflects what must be done and in what period of time. It also stipulates the responsibility of the agencies involved for the timely implementation of scheduled measures," Kazakh prime minister, Karim Masimov, said.
According to him, the document may be adjusted in future due to dynamics of the world's situation.
As reported, in late November 2008 the government adopted an anti-crisis program.
A total of 1.2 trillion tenge, or $10 billion will be allocated from the National Fund in addition to the monies budget for 2009-2011.
About 480 billion tenge, or about $4 billion, will by provided to support the financial sector.
Besides, the government suggests that 360 billion tenge of public monies, or about $3 billion, should be injected in the real estate sector to finish the housing construction projects in Astana and Almaty, support the mortgaging lending system, and optimize the state housing construction program.
120 billion tenge, or $1 billion, is going to be allocated to bolster the small- and medium-sized businesses.
Another $1 billion is to be injected in the agricultural sector to encourage its development.
One more billion dollars the government is planning to spend on breakthrough infrastructure and industrial projects.
The total value of the anti-crisis program is over 2.2 trillion tenge (or 20% of GDP) including public monies and funds from other sources.