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Kazakhstan President told about sweet loans and crisis immunity

24 мая 2012, 10:57
5th Astana Economic Forum. Photo by Danial Okassov©
5th Astana Economic Forum. Photo by Danial Okassov©
Nursultan Nazarbayev mentioned that he does not feel the new wave of the global financial crisis coming, Tengrinews.kz reports from the 5th Astana Economic Forum. Should the new wave happen, Kazakhstan has the immunity, the President assured.

“We have learnt the lesson that sweet easy loans are a trap and we have to stop living in debt and on loans. That’s what we are doing now,” Kazakhstan President said, answering the question about the main lesson that Kazakhstan learnt from the first wave of the crisis.

“Currently there are many talks about expectations of the second wave of this crisis, but the first wave is still in process and we can’t see the second wave yet. Anyway, we have developed a special plan for such case. Of course, we care for fuel prices the most. We have a plan for the case when oil price goes down to $40-50 per barrel. During all these years of saving, we have been accumulating windfall profits from our oil and gas resources in a special National Welfare Fund. This fund, together with the National Bank’s reserves, currently makes $86 billion, i.e. overs 40 percent of the GDP. That means we have a safety cushion. You also know that we have initiated the establishment of the Customs Union and Common Economic Space. By doing so we created a market of 170 million people for our goods. We have eliminated the barriers and aim for free movement of goods, services and capitals. We hope to create the Eurasian Economic Union by 2015. We have changed the legislation to more clearly regulate the financial system of our country. Kazakhstan’s debts are very small, we have the capacities. Of course, the global trade has its effect on us. But I believe we are ready to take our stand in case of any crisis and avoid slowing down and deterioration of the lives of our people,” Nazarbayev said.

Some time ago, speaking at the opening of Berlin Eurasian Club, Kazakhstan President stated that he did not believe the rumors of the next wave of global crisis .

By Renat Tashkinbayev

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