Expert Analysis of President Tokayev’s State-of-the-Nation Address
President Kassym-Jomart Tokayev of Kazakhstan recently delivered his annual state-of-the-nation address, outlining key priorities for the country’s economic, political, and social development. The speech focused on critical areas such as addressing budget deficits, strengthening governance, and improving living standards. Experts from various sectors have weighed in on the President’s key messages and priorities.
One of the main themes of President Tokayev’s address was the importance of ensuring stability in the financial and fiscal sectors. He emphasized the need to strike a balance between monetary and fiscal policies to stimulate economic growth and drive structural reforms. This involves better coordination between the National Bank of Kazakhstan and the government.
Experts like Assel Aben, chief expert of the Economic Policy Analysis Department at the Kazakhstan Institute for Strategic Studies, highlighted the importance of developing fiscal policies that encourage economic transformation. She underscored the need for a new banking law to keep up with developments in fintech and promote economic activity through modern financial instruments.
President Tokayev also addressed the issue of budget deficits and emphasized the importance of living within the country’s means. He stressed the need to cut unnecessary spending and meet revenue targets to ensure stable public finances. The Kazakhstan Parliament is currently reviewing draft laws related to transfers from the National Fund and the national budget for the coming years.
In order to execute large-scale infrastructure projects, President Tokayev highlighted the importance of public-private partnerships (PPP) and attracting private capital. Experts like Aliya Mussina from the Economic Research Institute emphasized the need to improve Kazakhstan’s PPP framework based on international best practices and OECD recommendations. Neighboring countries like Uzbekistan and Kyrgyzstan have successfully implemented PPP projects with the support of international financial institutions.
Overall, President Tokayev’s address serves as a roadmap for Kazakhstan’s development, focusing on key economic, social, and political issues. It is clear that collaboration between the government, financial institutions, and the private sector will play a crucial role in driving the country’s growth and prosperity in the years to come.
