Republic of Kazakhstan: Staff Report for the 2012 Article IV Consultation
International Monetary Fund, Jul 5, 2012 - Business & Economics - 63 pages
This 2012 Article IV Consultation reports that fiscal and monetary policies have adapted to the economic recovery in the Republic of Kazakhstan. The authorities have appropriately responded to the upswing in the cycle by gradually tightening fiscal policy and sterilizing excess bank liquidity. Directors have commended the authorities’ policies that, together with high commodity prices, yielded a strong economic recovery. Directors have also appreciated the preparation of plans to deal with a possible protracted global slowdown and a decline in oil prices.
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Almaty Article IV Consultation balance sheets Bank of Kazakhstan banking sector banking system billion budget continued crisis Debt Sustainability deficit deposits diversification dollars domestic EBRD economic estimates and projections exchange rate ﬂexibility expenditure exports external debt financial sector ﬁscal fiscal policy ﬂows foreign currency framework Fund staff estimates GDP deflator global slowdown government’s impact improve increase inﬂation inﬂows interest rate International Monetary Fund international reserves investment Kazakhstani authorities lending macroeconomic medium-term monetary policy National Fund NFRK NPL ratio NPLs oil prices oil savings open market operations operations percent change percent of GDP percent of total portfolio private sector Program provisioning public sector real GDP growth reﬂect remain Republic of Kazakhstan restructuring revenue risk risk aversion ROSC Russia Scenario Sector Developments shocks Sources of Growth spillovers SPVs stability Staff assessment statistics technical assistance tenge total loans transmission mechanism twelve projects World Bank