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Tengrinews.kz - Speaking at a meeting with Kazakhstan’s business community, President Kassym-Jomart Tokayev addressed the government's borrowing from the National Fund, according to Akorda.
"The government has proposed engaging bank liquidity by subsidizing loan interest rates. The financial sector must take a more active role in solving this issue. The government will work on creating a guarantee fund. Long-term funds from the Unified Accumulative Pension Fund will be used, but this is not enough. Additional concrete proposals are needed to stimulate lending to the real sector.
I have already stated at a government meeting that the National Fund is part of our economy. Some commentators and public figures argue that the government borrows too often and too much from the National Fund. This happens due to existing circumstances. But I see no reason to sound the alarm, as if we are facing some kind of crisis. Why did we create the fund in the first place? That being said, the fund’s resources should not be used for purposes that are not aligned with state priorities.
Therefore, I reiterate: banks must play a more active role in investing in the economy and supporting businesses," the President said.
Earlier, Tokayev also spoke about Kazakhstan's economic situation, noting that the country's financial stability is confirmed by strong credit ratings with a stable outlook from leading rating agencies. Read more here.
