Kazakh Gov’t to strengthen financial sector role in economy
In his welcoming speech, Yerbolat Dossayev noted that the country's economy entered the post-crisis period, and stated the main goals in the current conditions.
"The main goal is to return the role of the major investment source to the Kazakh financial institutions. It had been the financial sector's role until 2008. We hope that together with the National Bank and the financial sector we [the Government] will further return the situation back to its historical positions. The Government is ready to make drastic changes in the approaches. We want the financiers to take the most of the burden and relieve the Government of unnecessary functions that we have been forced to do in recent years. We are talking about the development of affordable forms of financing, in addition to the conventional ones," he said.
Yerbolat Dossayev said the alternative forms of financing for the banking sector, such as the stock market, are undeveloped in the country. "We are ready to continue the work on finding the ways to develop these forms. Affordable loans should be the key to mass entrepreneurship. We are talking about this. For now, we are discussing the thesis, and the roles to be fulfilled," he noted.
Nevertheless, he gave an upbeat assessment of the National Bank's work on improving the banking sector. Besides, as an example of successful cooperation between the Government and the banking sector, Yerbolat Dossayev mentioned the implementation of "Nurly Zhol" and "Nurly Zher" programs which clearly outline the roles.
In general, Mr. Dossayev expressed hope that the Government will carry out coordinated efforts with the National Bank, financial institutions, and entrepreneurs for the economic development.