Russian expert: Kazakhstan is working actively in the sphere of structural reforms
The participants of the conference exchanged opinions about the economic reforms in the EEU countries, and the quality of development and coordination among the member countries. Chairman of EEC Tigran Sargsyan told how to raise the quality of economic integration which is one of the most perspective sources of economic growth for the countries and the important generator of economic reforms. He distinguished four main directions which, if implemented, will allow to reach the high-quality economic growth of the EEU. In particular, the first direction is connected with removal of all barriers and restrictions. The second direction implies introduction of new standards. The third direction is coordination and the fourth axe is harmonization.
Chairman of the Board of the Center of Strategic Developments Alexey Kudrin dwelled on the importance of macro and microeconomics and noted that in order to achieve economic growth it is necessary to put bigger emphasis on microeconomics, at the same time paying attention to the macroeconomic aspects. "We must not cease focusing on macroindicators. Instability of certain macroindicators can significantly reduce our (EEU) potential because development of trade is the driver of growth", the expert explained. Achievement of high economic rates, according to Alexey Kudrin, requires creation of a model of innovative economy by means of implementation of structural reforms. In this statement he used Kazakhstan as an example. "Kazakhstan is working actively in the sphere of structural reforms ", he emphasized. He also added that structural reforms would be the answer to the common challenges in the EEU space.
Vice Minister of Finance of the Russian Federation Maxim Oreshkin shared his opinion that for effective development of integration the vector of macroeconomic processes of all EEU countries should be turned towards creation of predictable dynamics of inflation, predictable dynamics of the budget and predictable dynamics of the currency rate. "Creation of the mechanisms coordinating the budget policy with monetary policy, monetarist policies - we offer now a new budget rule which will not only answer the questions of budget stability, but also many questions of general macroeconomic stability and steady dynamics of indicators in the economy. This direction seems important to me now", - the Vice Minister of Finance said. The experience of Kazakhstan as a country which has been actively carrying out reforms and achieving economic growth and high investment behavior was noted as an example of effective and successful economic and structural reforms within the EEU.
Executive Secretary of the RoK Ministry of Finance Natalya Korzhova told the participants of the conference about the reforms undertaken by Kazakhstan. According to Natalya Korzhova Kazakhstan has reached the current heights due to the political will of the President of Kazakhstan who had undertaken the burden of responsibility for the results, deadlines and quality of the reforms.
"We have managed to implement the economic reforms which have been appraised by the authoritative international financial institutions", Korzhova said. According to Natalya Korzhova Kazakhstan placed emphasis on attraction of foreign investments, both for financial resources and for experience of production reorganization and attraction of modern technologies into the basic industry.
"We have conducted audit, and as a result 800 large enterprises are offered for privatization now - not to fill up the budget but to attract new technologies", - N. Korzhova told.
Kazakhstan has created a steady budget and dual banking. "We have accumulated gold and exchange inventories amounting to USD 31 billion. This is enough to cover all liabilities of the country in case of need and to ensure stable monetary policy", - she emphasized.
N. Korzhova also dwelled upon the "100 Steps" of Plan of the Nation where the work at all levels is outlined in detail. The document has ensured effective management and economic growth.
During the plenary sessions also the following subjects were considered: international development banks in Eurasia, tendencies, projects in energy, the integration potential and mechanisms of implementation, improvement of the mechanism of functioning of common markets of the EEU, and the economic belt of the Silk Road.