Kazakhstan Institute for Strategic Studies

under the President of the Republic of Kazakhstan

The Address to the People of Kazakhstan by President

of the Republic of Kazakhstan – Kassym-Jomart Tokayev

A strong system «Responsible State - Responsible Society - 

Responsible Person» must be perpetuated in our country.

On May 15, 2020 an online panel discussion «Macroeconomic immunity» on the results of a study of topical issues of ensuring macroeconomic stability in the Republic of Kazakhstan took place. The event was organized by the Kazakhstan Expert Club jointlyr with the Institute of World Economy and Politics (IWEP).

The study was aimed at building a sustainable macroeconomic system "in terms of ensuring the financial immunity of the economy." Experts from analytical and consulting organizations participated in the online discussion.

Dmitry Galistin, the senior manager of Whiteshield Partners presented the main results of the study. The expert outlined in his speech the key problems of the fiscal policy of Kazakhstan and impact on the stability of the entire economic system. During the presentation, the current problematic aspects of monetary policy were also disclosed.

Sergey Guriev, professor at the Paris School of Political Science, during the discussion noted the importance of moving away from the economy model, the main factor of sustainability of which is raw material income, and developing inflation targeting policies in ensuring sustainability against the backdrop of a deteriorating global economy.

Anuar Ushbaev, Managing Partner of Tengri Partners, spoke about the current processes and future prospects needed to form the Kazakhstani capital market. According to the speaker, there is a need to import “western” regulatory approaches to develop the financial market.

Sabit Khakimzhanov, Director of the Financial Stability Department of the National Bank of the Republic of Kazakhstan, emphasized the importance of maintaining exchange rate stability and the existing risks of lowering interest rates by the financial regulator. At the same time, the economist noted the significance of institutional development in the process of building the stable financial policy.

Sultan Orazbaev, Ph.D. in economics and researcher at Harvard University, voiced his own comments on the results of the study. From the point of view of the economist, the proposed recommendations will determine economic policy for decades to come, and therefore should be supported by appropriate justification.

Pavel Wojciechowski, chief economist at Polish Social Insurance (ZUS), the ex-Minister of Finance of Poland, noted that crises are «catalysts for change» and issues of increasing the efficiency of budget revenues and controlling the expenditure sides of the state budget are currently being updated.

From KazISS, Asel Aben, the head of the KazISS Representative Office in Almaty, Zhanna Karimova, the head of the Department of Social and Economic Research and Anna Alshanskaya and Bekzhan Sadykov, the senior researchers took part in the online discussion.