Kazakhstan’s PM Karim Massimov on further economic prospects

Kazakhstan’s Prime Minister Karim Massimov answered journalists’ questions on the future fate of thousands employees and workers of large-scaled entities that might be hit by the current economic crisis, a Tengrinews.kz journalist reports.

 The PM emphasized that for the last 15 years China as a major consumer of a range of commodities had been the driving force for the entire global economy. According to him, Kazakhstan’s mining and O&G industries had been significantly bolstered by the China’s economy growth and the nation had been enjoying a stable inflow of tax revenues.

“I believe in the current circumstances the Government should ensure favorable economic conditions for enterprises [generating most of the tax revenues].  One of the measures is the newly adopted monetary policy based on inflation targeting (…) this measure should be coupled with some measures to help tap into new markets and ensure competitive ability. The enterprises themselves should work to ensure greater efficiency and productivity”, he said.

“The Government will be rendering support to socially vulnerable groups of population. In the long run (…) it’s impossible to support all troubled industries out of taxpayers’ money (…) one of the directions of the Government’s policy will be to enhance people’s working skills in industries that have not been hit by the crisis. The Government will do its best to make sure every Kazakhstani is protected”, the PM said.