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The Government to keep on exiting companies earlier bailed out amidst the global financial crisis: President Nursultan Nazarbayev

10 september 2013, 15:31
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© Tengrinews.kz
© Tengrinews.kz
The Government will keep on exiting companies bailed out amidst the global financial crisis, Tengrinews.kz reports, citing President Nursultan Nazarbayev as saying September 10.

“Back in 2008 the global financial crisis forced the Government to play a greater role in the economy; the Government had to bail out some troubled banks. However, in the long run private ownership of banks is the optimum option, therefore the Government is exiting the bailed out banks”, the President said when speaking at the Eurasia Emerging Markets Forum in Astana September 10.

“The share of the Government in industrial and infrastructure assets is to be slashed (…) first of all, favorable conditions must be put in place to strengthen the class of entrepreneurs”, he said.

The Emerging Markets Forum was created as a not-for-profit initiative to bring together high-level government and corporate leaders from around the world to engage in dialogue on the key economic, financial and social issues facing emerging market countries.

The EMF hosts one global meeting and several regional meetings every year. Each meeting is structured around issues that are common to the emerging market economies. The EMF commissions policy experts to write background papers, which provide a starting point for discussion. Participants come from the absolute highest levels of the private and public sectors to engage in open dialogue and implement solutions.

The co-Chairmen of the Forum are Michel Camdessus, former Managing Director of the International Monetary Fund, Haruhiko Kuroda, President of the Asian Development Bank, and Fidel V. Ramos, former President of the Philippines.

The last Global Meeting of the Emerging Markets Forum was held Oct 14-16, 2012 in Tokyo, Japan.

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