IMF mission chairman considers that Kazakhstan chose correct way to overcome economic crisis
Astana. November 19. Kazakhstan Today - The chairman of the International Monetary Fund (IMF) in Kazakhstan, Tim Callen, considers that Kazakhstan has chosen the correct way to overcome economic crisis. Tim Callen stated his opinion today during the meeting with the Prime Minister of Kazakhstan, Karim Masimov, the agency reports referring to the prime minister's press service.
According to the press service, during the meeting, "emphasizing the importance of acceptance of duly political decisions and economic measures in conditions of global crisis, T. Callen has noted that "the policy of the government of Kazakhstan testifies that the country is on the correct way to overcome the developed situation."
Besides the current economic situation, the parties discussed additional measures on development of economy in the present conditions. "T. Callen emphasized that "the IMF during supports the actions of the government of Kazakhstan on stabilization of the economy," the press service informs.
In T. Callen's opinion, the decision of the government to capitalize banks due to the means of the state will bring a positive effect. "We believe that in the current conditions it will strengthen the situation in the banking sector of Kazakhstan at this stage and will be very useful for the economy of the country," the IMF representative said.
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Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
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The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
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