Overcoming Crisis

/KASE, November 10, 08/ - The Government of Kazakhstan will provide the program of crisis actions on November 25, the Prime Minister of republic Karim Masimov informed. "November 25 we will discuss and announce the economy stability program or so called crisis program on the government session" - he said on the selector government session on Monday. "Citi will operate as the Government's adviser on establishing the Fund of stress assets, which has big enough experience on such projects" he said on selector session in Astana on Monday. At that the head of the Government was sure that all issuers, linked with "subcrediting economy" will be decided on during the two forthcoming weeks. "We will "undo" bad credits through the Fund of stress assets, complete capitalization of the banks, "flow in" resources in economy through the Fund SamrukKazyna" K. Masimov noted. Moreover, he informed that "Credit Suisse and J.P. Morgan are advisers of the Government and SamrukKazyna on banks recapitalization issue". Kazakhstan intends in the nearest future to reduce oil export fee to $139 per ton from the current $203.8 per ton, the Minister of Energy Sauat Mynbaev said at the government session. "Oil duty is supposed to be slashed...to $139 (per ton)" - Mynbaev said. According to him, the fee has been already agreed with the Ministry of Energy and the Ministry of Industry and Trade. [2008-11-10]