The head of the state commissioned to finish work on the concept of development of the financial sector for year 2007-2009 taking into account recommendations of VI congress of Kazakhstan financiers

/INTERFAX-KAZAKHSTAN, Astana, November 15, 06/ - The president of Kazakhstan Nursultan Nazarbaev commissioned to interested state departments to finish work on the concept of development of the domestic financial sector for years 2007-2009 by the end of the year, taking into account recommendations and notes, articulated at VI congress of financiers of the republic, the correspondent of the agency Interfax-Kazakhstan informed. VI congress of financiers is being held in Astana on Wednesday, in which the president Nursultan Nazarbaev took part. "We have already accomplished all necessary reforms of the financial sector. It is necessary now to determine the clear plan of further development of all segments of the financial market, seeing that, the concept will include the strategic view on development of banking, non-banking, insurance, currency, stock, pension and other fragment Тof the financial market. It is possible that the concept will have not three-year, but five-year, maybe even ten-year perspective," the president said, while speaking at the Congress. The head of the state commissioned to the government together with National bank, to the state agency for financial supervision (AFS), and also to the state agency for regulation of activity of the regional financial center in Almaty (RFCA) by the end of year 2007 to work out the plan of actions, which will contribute to increasing the sovereign credit rating in Kazakhstan, to determining the big structural projects of the state significance and to elaborating the mechanism for their financing, and also he proposed to unite the efforts for developing Almaty as the financial center, and also recommended to consider the question on progressing the economic incentives, targeted at development of RFCA. The president of the country also draws the attention on necessity stirring up the state-private partnership on development of strategic documents of the government and normative-legal statements of the state departments in terms of concerns of the financial sector of the country. Moreover, N. Nazarbaev commissioned to AFS to elaborate the recommendations on introducing the system of the system of beforehand warning about the possible financial crisis through the corresponding indicators by the end of this year, to consider the questions of increase in range of financial instruments for investing the pension assets until July 1 2007, and also to undertake measures together with the government on additional inducement of credit and micro-credit organizations for enlarging the branch networks and bringing the new financial services in, which will be alternative to banking. In addition, the head of the government to National bank to take on measures on raising the efficiency of instruments of money-credit fiscal policy, and also to work over the appropriate measures on preventing from prices growth. Furthermore, it was commissioned to the state agency for regulation of activity of RFCA to work out and pass the program of development of this center by the end of the current year. It is necessary to provide measures on attracting the foreign speculators to the domestic stock market in this program, the president noted, to study the mechanisms of offering of financial instruments on the floor of the financial center by companies, entering into Kazakhstan holding for managing over assets "Samruk" JSC and the Fund of stable development "Kazyna', and also to provide the efficiency of operation of the stock market and its high liquidity. [2006-11-15]