In his address the President outlined a number of major lawmaking tasks for the upcoming period.
The President emphasized that a positive dynamics of the main indicators of the country’s socio-economic development has been observed over the first half of this year. During the same period the GDP increased by 5.6 percent. Kazakhstan’s international reserves increased by 15 percent and exceeded US$ 83 billion. “Due to the worsening the global economic conditions, we have the only one approach to the formation of the new budget. It is efficiency and effectiveness of budget expenditures. According to my instructions, the Government has already decreased the budget expenses by US$ 57 billion. I consider that we still have reserves for cutting the budget costs. Expenses that do not provide economic growth and employment of the population should not be reviewed,” the President said.
The President also emphasized that one of the important tasks the country is challenged by is to improve the legislation of economic growth. “In this regard, the central issue is to provide effective economic relations in Kazakhstan under the integration processes within the Common Economic Space and the country’s accession to the WTO. I charged the Government with a task to form a special package of draft laws on ratification of commitments made under the country’s accession to the WTO. Our policy should be based on regular analysis and long-term prognosis of regional markets. It is important to review the whole system of support for Kazakh content, especially in the processing industry, agriculture, and semi-competitive branches of economy. All countries in the world support their producers. This experience is important for us,” the President added.