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Government discusses main directions of economic policy

30 January 2018 12:21

ASTANA. KAZINFORM The Government has adopted a joint statement with the National Bank on the main directions of Kazakhstan's economic policy for 2018, Kazinform correspondent reports.

Speaking at the Government session today, Minister of National Economy Timur Suleimenov noted that the statement was prepared in order to inform the public about the priorities of the country's macroeconomic and monetary policy for the current year.

According to him, the main directions of Kazakhstan's economic policy for 2018 are: preservation of macroeconomic stability, ensuring favorable business climate, as well as the development of economic sectors, including the digital component, and transport and logistics infrastructure.

The Minister said that preservation of macroeconomic stability will be achieved through coordinated monetary and fiscal measures, as well as ensuring financial stability.

"Effective fiscal policy will be pursued in order to maintain the sustainability of public finances with a flexible and favorable tax environment. Thus, the budget deficit is planned to decrease from 2.9% of GDP in 2017 to 1.1% this year. This will keep the government's debt at a safe level of no more than 20% of GDP. The non-oil deficit is planned to be reduced to 7.4% of GDP. The Government will focus on preventing unjustified price increases, removing the prerequisites for creating an artificial deficit, price collusion and unfair competition," Suleymenov said.

The Minister also mentioned that a new package of systemic measures is to be prepared in order to radically improve the business climate in the country, especially in the regions, stimulate the businesses to leave the 'grey zone' through simplification of tax and other administration.

"At the legislative level, it is planned to improve the legal regulation of business. Thus, this year 25 of 114 spheres of control should be abolished, as well as 3 out of 18 areas of supervision, the total number of inspections and the number of reports businesses provide to the state bodies will be reduced by 30%," he added.

Timur Suleimenov stressed that the development of economic sectors will continue through the implementation of the industrialization policy, ensuring the projects of the Industrialization Map reach their planned capacity, and increasing the share of high-tech industries.

"We will work to stimulate the introduction of the "Industry 4.0" elements, such as big data, cloud technologies and 3D-printing, and start implementing the Third Five-Year Plan of Industrialization, aimed at the creation of the "digital age" industry," he said.

In the meantime, according to the Minister, the new Code "On Subsoil and Subsoil Use" will be implemented in order to facilitate the recovery of the country's mineral and raw materials base, and a set of measures developed to improve approaches to extracting minerals through the introduction of information technology platforms. Also, according to Timur Suleimenov, the modernization of Kazakhstan's oil refineries, which will ensure the provision of high-quality K4 and K5 gasoline is scheduled to be completed in 2018.

According to Minister Suleimenov, further development of Kazakhstan's transport and logistics infrastructure will be facilitated by the implementation of the Nurly Zhol state program.

"Thus, the economic policy implemented by the Government and the National Bank will allow for further sustained economic growth and maintain inflation in the new target corridor of 5-7% this year," he concluded.