From November 2 to 13, 2020, a virtual mission of the International Monetary Fund was held in the Republic of Kazakhstan to review economic development, prospects and possible risks. The IMF team, led by the Head of the IMF Mission in Kazakhstan, Nicolas Blancher, held a series of online meetings with representatives of government agencies, quasi-public sector organizations and the financial market, during which they discussed the impact of the Covid-19 pandemic and oil price shock, the problems encountered and the response taken by authorized bodies, as well as reform priorities after the Covid-19 pandemic.
As result of the meeting with the management of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, the IMF experts concluded that the anti-crisis measures of the financial regulator were timely and helped to mitigate the impact of the crisis on the country's financial sector. The IMF experts noted the stability of the republic's banking sector during the pandemic and recommended further work to ensure financial stability.
The IMF positively assessed the new Agency's activities and noted that it will have a major role in aligning further Kazakhstan’s financial regulatory and supervisory framework with best international standards, and in helping to strengthen banks’ risk management practices and business models. In this regard, the IMF recommended to continue the strategy to strengthen the Agency's institutional capacity and independence.
Following the visit, the final statement of the IMF mission was prepared and published on the websites of the IMF, the National Bank of Kazakhstan and the Agency.
The next IMF mission visit for Article IV consultations is planned in spring 2021.
IMF Mission Concluding Statement
External Communications Division ARDFM
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