IMF speaks positively on Kazakhstan, points challenges.

By bne IntelliNews December 14, 2010
The IMF noted that the Kazakh economy is now recovering but the recovery need to be more broad based in order to be sustainable. The IMF also stressed that the domestic demand and needs to be supported by strengthening efficient financial intermediation, in addition to economic diversification. Moreover, according to the fund, the acute phase of the financial crisis passed by the banking and the corporate sectors did not recover fully. The IMF also recommended to monitor inflation closely. Moreover, according to the fund, the greater exchange rate and lower NBKs intervention in the foreign exchange market would serve the economy. The IMF welcomed that medium-term budget planning but stressed the need to secure fiscal sustainability by balancing rising spending against the need to avoid notable increase in non-oil-sector taxes. Worth noting, IMF expects Kazakh GDP to grow by 5% y/y this year due to recovery in oil prices.

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