Kazakhstan developing Plan B in case of negative economic scenario

At today’s Government’s sitting, Minister of Economic Development and Trade Mr. Kairat Kelimbetov unveiled a detailed plan to secure 7% GDP growth and also mentioned a plan B, Tengrinews.kz reports. “We have drafted a plan B in case prices for major commodities fall. We have some experience of anti-crisis measures we undertook in 2009-2010. You might remember that back then oil prices changed from $80 to 150, falling to $30-40 overnight (…) Currently prices for oil are high, but we have to make sure the Government is prepared for any change”. “There is nothing to worry about. It is a standard practice of drafting a plan B in case of price changes”, Kelimbetov assured. Early May the Government adopted a plan to secure 7% GDP growth in 2011 in line with President Nazarbayev’s instructions. Minister of Economic Development and Trade Kairat Kelimbetov believes that the target is feasible. GDP growth in January – April made up 6.9%, Kazakhstan’s Prime Minister Karim Massimov announced in his Twitter account today.