In­ter­na­tional Mon­e­tary Fund mis­sion heads to Kaza­khstan

The Pak Banker - - Front Page -

ALMATY: An In­ter­na­tional Mon­e­tary Fund (IMF) mis­sion led by Ana Lucía Coronel vis­ited As­tana and Almaty dur­ing De­cem­ber 1-9, to re­view eco­nomic and fi­nan­cial sec­tor de­vel­op­ments since the last Ar­ti­cle IV con­sul­ta­tion in July 2010, and dis­cuss eco­nomic prospects. At the con­clu­sion of the visit Coronel is­sued the fol­low­ing state­ment:

Kaza­khstan's ex­ter­nal po­si­tion will con­tinue to be strong and the au­thor­i­ties should be pre­pared to man­age a po­ten­tial in­crease in for­eign in­flows. Driven by ris­ing com­mod­ity ex­ports, the ex­ter­nal cur­rent ac­count has re­turned to sur­plus, and in­ter­na­tional re­serves and oil fund as­sets are in­creas­ing," the IMF said.

Kaza­khstan's ex­ter­nal po­si­tion will con­tinue to be strong and the au­thor­i­ties should be pre­pared to man­age a po­ten­tial in­crease in for­eign in­flows. Driven by ris­ing com­mod­ity ex­ports, the ex­ter­nal cur­rent ac­count has re­turned to sur­plus, and in­ter­na­tional re­serves and oil fund as­sets are in­creas­ing," the IMF said.

"In line with global eco­nomic trends, Kaza­khstan's econ­omy has be­gun to im­prove, but the re­cov­ery needs to be­come more broad-based to be sus­tain­able. Aided by pub­lic sec­tor sup­port and fa­vor­able global com­mod­ity mar­ket de­vel­op­ments, real GDP has con­tin­ued to re­bound, and IMF staff projects an ex­pan­sion of about 5½ per­cent in 2010. Growth is be­ing driven mainly by oil and min­eral-re­lated in­dus­tries and as­so­ci­ated ser­vices sec­tors, in­clud­ing trans­porta­tion and com­mu­ni­ca­tions.

"While some im­prove­ment in re­tail trade-largely re­flect­ing the re­bound from the cri­sis-in­duced con­trac­tion in con­sump­tion-is help­ing the re­cov­ery, ac­tiv­ity in con­struc­tion and real es­tate re­mains sub­dued. -PB News

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