Kazakhstan does not need to use IMF funds now - head of NB

/IRBIS, Dec.24, 99/ - REUTERS informs, with the reference to the head of the National bank Grigorii Marchenko, that the National bank of Kazakhstan does not intend to use the funds of International monetary fund (IMF), which is ready to grant $453 mln loan to Kazakhstan. "We have our own more than enough gold and currency reserves, and we do not need IMF money at this stage. We will not use those funds the IMF is willing to grant yet. They will be our reserve credit line", said Marchenko in his interview to "Khabar" TV channel. Economic policy of the country, which "can bring about an economic growth", was positively assessed by the IMF and it approved $453 mln loan to Kazakhstan. Gold and currency reserves of the country is up $400 mln, according to Marchenko, at $1.84 bln as of December 19. Country's financial situation significantly improved in December, he says. Tax collections rose 1.5 times from the beginning of the year. In October and November deposits of the population grew $50 mln. The head of the National bank called the restoration of the market for state securities in December as a good sign of strengthening trust into the national currency. Earlier, issue of these securities was halted due to devaluation of the tenge in April of current year. "We were able to launch the market for SS denominated in tenge with the Ministry of finance, which was principally impossible three months ago, and now we will launch the market for tenge loans, and it needs some time", said the head of the bank. "Our main task - both for the population and the banks - is make tenge a stable currency, and that sharp devaluation will not happen again". Devaluation rate is expected to be equal to inflation rate in next year, he said earlier. IMF forecasts economic growth of the country at 3.0% next year, 3.5% in 2001, and 4.0% in 2002. The economy is said to reach zero GDP this year against 2.5% decrease last year. IMF also estimates that inflation to fall down to 9.0% in 2000, to 6.5% in 2001 and 4.0% in 2002. This year inflation is expected at 16.8%. The budget of year 2000 was calculated at 157 tenge per dollar annual average exchange rate. Official rate of the National bank fell down to 138.25 tenge in December from 138.00 a month ago.