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Government, National Bank and Agency for Regulation and Development of Financial Market sign Agreement on Coordination of Macroeconomic Policy

Tuesday, 23 February 2021, 09:30:21

At the government session chaired by Prime Minister Askar Mamin, the Agreement between the Government, the National Bank and the Agency for Regulation and Development of the Financial Market on the coordination of macroeconomic policy measures for 2021-2023.

The prime minister noted that this Agreement in the current conditions will ensure coordinated actions of the Government and financial regulators.

“Improving the standard of living and well-being of the population is the main priority of the country's socio-economic policy. For this, coordination of monetary, fiscal and structural policies, as well as the policy of development of the financial sector will be ensured,” Mamin said.

The implementation of joint measures will be carried out in three directions.

Within the framework of the direction "Increasing macroeconomic stability", measures will be taken to stimulate business activity while ensuring a balance between low inflation, stability of the financial system and economic growth. Work will continue to gradually reduce inflation and keep it low, contributing to sustainable economic growth.

The implementation of the Second direction "Development of financial market" provides for the adoption of the Concept for the development of the financial sector until 2030. Measures will be taken to significantly expand bank lending to the economy on the basis of market mechanisms, taking into account the need to ensure the stability of the financial system and economic growth.

Within the framework of the third direction "Increasing the long-term potential of economic growth", work will continue to stimulate the formation of a new structure of the economy based on a competitive non-resource sector, embedding in regional and global value chains.

We will continue to pursue a proactive foreign trade policy and attract a new wave of investments.

“A fundamentally new institutional framework will be formed, which will create conditions for high-quality and sustainable development of the economy, accompanied by an increase in the quality of life and well-being of the population in the context of the new economic reality,” Mamin said.

The prime minister instructed all interested state bodies to ensure the high-quality implementation of the Agreement's measures in a timely manner.


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