The Government of Kazakhstan has taken anti-crisis program

/INTERFAX-KAZAKHSTAN, Astana, November 25, 08/ - The government of Kazakhstan at a meeting on Tuesday in Astana has taken anti-crisis program, told the agency Interfax-Kazakhstan. "This is the plan of joint action of the Government, the National Bank and the Financial Supervisory Agency involving fund SamrukKazyna and holding KazAgro actually answers the questions: what to do with the financial system, small and medium business, housing, a sore point - mortgage, agriculture and innovation and industrial infrastructure component", - the Prime Minister Karim Masimov said at the meeting. According to him, the anti-crisis plan of the Government is fully cash resources. "Resources - that is $10 bn. dollars from the National Fund, the three-year budget, the money of pension funds" - said the head of the government. Moreover, he noted the importance of "transparency and clearness for society" in the use of resources within the anti-crisis program. "Society should know how we use these assets at every stage of the program. The head of the Government paid much attention to it" - K. Masimov said. In this regard he instructed the Ministry of Economy and Budget Planning for two weeks "to develop a step-by-step plan for implementing the program". Last Monday a draft plan of stabilization measures of the Government was represented by members of the party Nur Otan. Total for the implementation of the plan from the National Fund will be sent KZT1.2 trl., or about $10 bn. These funds are in addition to those already planned in the three-year budget 2009-2011 annual costs and will be distributed in five directions. For example, KZT480 bn. or about $4 bn. will be sent to ensure the sustainability of the financial sector. In addition, to stabilize the real estate market the Government proposes to send KZT360 bn. of public funds or about KZT3 bn. that will stimulate the real estate market and mortgages, creating conditions for the completion of the current housing construction in Astana and Almaty, the optimization of public housing program. Along with this KZT120 bn. or $1 bn. is supposed to be directed to small and medium businesses support, in particular, to reduce administrative intervention and financial support to small and medium businesses regardless of industry sector. Meanwhile, $1 bn. is planned to direct to agro-industrial complex development. These funds, in particular, will be invested in the upgrading of AIC for the effective development and growth of agricultural production. The Government intends to send an additional $1 bn to the realization of breakthrough innovation infrastructure and industrial projects to create conditions for full-scale modernization of infrastructure and economic diversification. Total for the implementation of activities under this program from all sources will be allocated not less than KZT2.2 trl. (20 % of GDP). KZT120.16/$1. [2008-11-25]