Kazakh President reveals the country's development keystones, Italian mass media
24 November 2014 11:00

Kazakh President reveals the country's development keystones, Italian mass media

ASTANA. KAZINFORM President of Kazakhstan Nursultan Nazarbayev made public the basic principles of the country's further development, Agenzia Stampa Italia said.

On November 11, the Kazakh Leader delivered his State-of-the-Nation Address at the enlarged meeting of the Political Council of the Nur Otan Party. The President explained that the global crisis of 2007 and other challenges are still affecting Kazakhstan. All of this aggravates sanctions confrontation between Russia and the West and ongoing military conflicts in the Middle East.

According to the Kazakh President, several years to come will be the years of reconstruction in the global economics and politics. The IMF revised down its global economic development forecast for the next two years.

In his Address, the President made public a new economic policy of Kazakhstan, Nurly Zhol, to continue structural economic reforms.

Kazakhstan came to understanding it is high time to use the National Fund reserves. Kazakhstan was one of the first in the former USSR to establish the fund back to 2000 to accumulate savings and reduce dependence of the national and local budgets on world prices. USD 10 bln will be earmarked in the next three years to support SME and large-scale entrepreneurship, to rehabilitate the country's banking sector and raise new investments, to continue construction of the EXPO 2017 complex, and to develop the Astana city infrastructure.

The five-year infrastructure development plan will be the new economic policy linchpin. Above 100 foreign companies are expected to take part in it. The total investment portfolio is KZT 6 trln.

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