World bank approves support program to Kazakhstan for three years

/IRBIS, Feb 13, 01/ - REUTERS informs that the World bank approved the program of assisting to Kazakhstan for 2001-2003 fiscal years, which means three scenarios of granting the loans from $270 mln to $820 mln depending on the progresses in the reforms conducted in the country. It is said that the maximum amount of the loans will be provided if the reforms show progress and necessary funds will be available to support the reforms. The amounts will decrease if political and institutional reforms slow down, and there is insufficient transparency in fiscal issues, particularly regarding oil revenues, was said. The program covers four key directions: support in reforming the state sector, stimulation of the growth of the economy with leading role of the private sector, support of the most vulnerable strata of the population and environmental protection. In addition, the World bank's program provides for a number of analytical and consulting services, is said. The press release also reads that Kazakhstan is one of the leading reformers among all former Soviet Union countries, and now it is a turning point for Kazakhstan. Increased revenues from oil transactions have opened great opportunities for the country and also have imposed big tasks, is said. The World bank can render assistance to Kazakhstan in supporting the reforms and increasing the fight with corruption, is said.