Today, a meeting on economic issues was chaired by the President of Kazakhstan, Kassym-Zhomart Tokayev.

During the meeting, the results of the country's socio-economic development, implementation of the plans, implementation of the monetary policy, the reform of targeted social assistance, issues of social development and employment were considered. Presentations were made by Prime Minister Askar Mamin, Chairman of the National Bank Erbolat Dosaev, Minister of Labor and Social Protection of the Population Birzhan Nurymbetov.

Kassym-Zhomart Tokayev noted that in general the macroeconomic situation in the country is stable, the main indicators of socio-economic development of Kazakhstan show positive dynamics, but at the same time, the problems of diversification of the domestic economy, productive employment, incomes of the population, accessibility of social benefits have not yet been fully resolved.

According to the Head of State, the solution to the main task, improving the living standards of the population, depends on the quality implementation of strategic programs.

The President instructed to develop a set of measures to preserve the country's macroeconomic, financial and social stability under various scenarios of the development of the situation in the world, and also focused on the tasks of the current stage of the implementation of the Kazakhstan-2050 Strategy.

Kassym-Zhomart Tokaev emphasized that when making government decisions, the analytical component should be radically strengthened.

The President believes that medium-sized businesses should become a driver of economic diversification. The industrialization program allowed to stop the decline in industrial production and the manufacturing sector, and to launch new types of products. However, in the opinion of the Head of State, fundamental changes in the structure of the economy did not occur.

- The main emphasis should be placed on the growth of labor productivity by at least 1.7 times and a significant increase in Kazakhstan's export of processed products. The government will have to increase non-resource exports by 1.5 times by 2022 and 2 times by 2025, the President instructed.

The head of state pointed out the need to form at least 3-5 technologically developed industries that are competitive at least on a regional scale.

- The attention of local and foreign expert community is riveted to industrialization. To previous programs, his attitude is more than restrained. We must not allow the idea of ​​industrialization to be discredited, ”the statement noted.

According to Kasym-Zhomart Tokaev, economic integration within the EAEU should contribute to the development of the country's economic potential. The President considers it necessary to strengthen analytical work in order to strengthen the country's position in the EAEU and protect domestic producers - exporters of products to the Eurasian market. He believes that attracting investment is also an important issue for the country's economic modernization.

- We are constantly improving the investment climate. But how does this climate translate into investment? Why is there no explosive effect? In the matter of attracting foreign investment, not only fiscal incentives are important. Systemic problems - the narrowness of the domestic market, the difficulty of exporting, insufficient coordination of actions of state bodies at the central and local levels, the Head of State emphasized.

Kassym-Zhomart Tokayev instructed to ensure the development of the product promotion chain to the shelves in all regions of the country, as well as to use an integrated approach to the formation and development of the national commodity distribution system in the context of all sectors of the economy.

- Today we have many export support tools that are provided by 3 operators: NPP Atameken, National Company KazakhExport and QazTrade. We are talking about the need to combine all available export support measures into a “single window”. I instructed the Government to conduct a professional survey of exporters, identify problem points, urgent needs and build state support tools on the basis of this. I hope you will make organizational decisions, ”the President said.

Speaking about fiscal policy, the Head of State expressed the opinion that a policy of gradually reducing transfers from the National Fund should be maintained. According to him, you need to go there only in cases of emergency.

- The government should primarily rely on the revenue side of the republican budget. The National Bank is obliged to reconsider approaches to managing the funds of the National Fund in order to increase the received investment income. Proper asset management can significantly increase the volume of the National Fund, ”said Kasym-Zhomart Tokaev.

The president criticized the situation when commercial banks, in the pursuit of profit, redirect resources to consumer lending and reduce lending to businesses.

- The National Bank urgently needs to make adjustments to its policies. According to the regulator, more than 50% in each sector of the economy are stable and financially independent enterprises of interest to banks. However, they are not interested in attracting bank loans. Why? Perhaps this means that these enterprises consider the conditions dictated by commercial banks unattractive. Faced with a dilemma: ensuring stability of the financial sector or developing lending to the real sector, the National Bank must make a rational decision, the Head of State said.

The President instructed to develop a Monetary Policy Strategy until 2030. Kassym-Zhomart Tokaev called on the National Bank to improve communications and the ongoing outreach policy, which will increase confidence in the actions of the regulator on the part of market participants and the public, as well as reduce unreasonable devaluation expectations.

The head of state did not ignore the issues of implementing a unified housing policy.

- It is necessary that every Kazakhstani person has a clear understanding of the prospects for the acquisition or rental of housing, the conditions for its receipt. For this, it is necessary to determine the criteria for housing affordability, systematically reduce the cost of construction, establish the proportions of multi-unit and individual housing, civilize the rental market for apartments, ”said Kasym-Zhomart Tokaev.

In conclusion, the President emphasized that the identified priorities and the decisions worked out with the proper approach would increase the pace and quality of economic growth, as well as lead to higher living standards.

Source : https://www.gov.kz/memleket/entities/economy/press/news/details/33731?lang=kk