The actions in the monetary, fiscal and other core areas of the financial sector converged.
On 23 February, Prime Minister of Kazakhstan Askar Mamin held a meeting of the Cabinet of Ministers. An Agreement between the Government, the National Bank and the Agency for Regulation and Development of the Financial Market (ARRFM), designed to coordinate the macroeconomic policy in 2021-2023, was concluded during the meeting, the press office of the Prime Minister of Kazakhstan reported to CentralAsia.news.
The Prime Minister said the Agreement would ensure consistency in the actions taken by the Cabinet of Ministers and the financial regulators in modern conditions. Practical actions in the monetary, fiscal and other core areas will be coordinated, which will give impetus to develop the financial sector.
The Agreement focuses on the three areas. First, enhancement of macroeconomic resilience. In this context, measures will aim at stimulating business activity and keeping inflation low.
Second, measures will focus on developing the financial market. It involves adopting the concept for financial sector development for the period until 2030 and increasing bank lending to economic processes using market based mechanisms.
At the third stage, coordinated actions will aim at increasing the potential for long-run economic growth. In this context, the work towards facilitating the creation of a new competitive economic framework without connection to the raw materials sector will continue.