(existing agreements will stay in force)
ТЗ Increase tax burden of the energy sector from 49% to 62% (at base price 72.7 $/b)
ТЗ Oil export duty is abolished from 2009
Republic of Kazakhstan-2010 Article IV Consultation Concluding Statement of the IMF Mission
8, 2010
The following statement reflects the views of an International Monetary Fund (IMF) mission, led by Ana LucУa Coronel, that visited Astana and Almaty during May 26-June 8, 2010 to conduct discussions for the 2010 Article IV consultation. The mission reviewe d recent economic and financial sector developments and discussed ongoing and envisaged policy responses and economic prospects. The mission met with government, parliament and central bank officials, and representatives of the international, banking and business communities. The mission would like to thank the authorities for the open discussions and fruitful collaboration.
. Global economic activity has begun to recover, but the pattern of growth is uneven and financial conditions remain fragile. Overall, the rebound in global growth and the improvement in financial conditions have not been enough to compensate for the ground lost during the recession. Macroeconomic policies in most economies are expected to remain supportive of growth and employment, although in some faster growing emerging economies, policies must balance against the risks from rising capital inflows. Advanced countries are faced with the challenge of fiscal consolidation to address rising levels of public debt and the consequent risks to global financial stability. Bank capital constraints, private sector deleveraging, and ongoing regulatory reform will likely continue to limit wide-ranging access to credit, highlighting global financial uncertainties and downside risks to global growth. p align="justify">. Against this background, Kazakhstan s economy is expected to recover. Growth is aided by stronger trade and continued policy stimuli, but remains constrained by banking sector difficulties. Public sector support and externally driven activity in the mining and manufacturing sectors contributed to a strong economic rebound in the last few months of 2009, but credit expansion is subdued despite ample bank liquidity, and activity in key sectors, such as construction and real estate, remains sluggish. IMF staff projects the economy to expand by about 4 percent this year, reflecting developments through the first quarter of 2010. However, weak non-oil activity and continued deleveraging of private sector balance sheets will likely limit the growth of consumer demand. The government s plans to improve productivity and advance economic diversif...
