IMF to grant Kazakhstan $453 mln, approves reforms

/IRBIS, Dec.14, 99/ - REUTERS informs on Monday International monetary fund approved $453 mln loan to Kazakhstan, saying the government is conducting the policy which could continue a steady economic growth. $35 mln of the loan can be granted even now, informs IMF. The rest of the loan will be given during the next three years if the government continues economic reforms. "Directors welcome the latest positive changes in Kazakhstani economy and commitments of the authorities to achieve macroeconomic stabilization and acceleration of structural reforms", said vice managing director of IMF Shigemitsu Sugisaki. "They mentioned maintaining current floating exchange rate, conducting monetary policy aimed at further reduction of inflation and strict adherence to fiscal policy would be necessary to attain continuing growth (in economy) in the mid run", he said. IMF estimates economic growth in Kazakhstan to reach 3.0% next year, another 3.5% up in 2001 and still another 4.0% in 2002. GDP is expected to equal to zero this year, which was down 2.5% last year. Inflation should go down to 9.0% in 2000, 6.5% in 2001 and 4.0% in 2002, says IMF. Inflation is expected at 16.9% this year.