On the Agency's participation in Annual Meetings of the International Monetary Fund and World Bank

From October 12 to 14, 2023, a delegation from the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (hereinafter referred to as the Agency), led by Chairperson Abylkasymova M.E., participated in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank (WB).

Within the framework of the event, meetings were held with the leadership and staff of the IMF, WB, International Finance Corporation (IFC), and credit rating agencies S&P, Fitch, and Moody's. During the meetings with the IMF and the WB, the results of the Financial Sector Assessment Program (FSAP) regarding the stability and development of the financial sector were discussed. Additionally, measures taken by the Agency to implement the recommendations of the FSAP program were discussed, including the development of a legislative project by the Agency to regulate insolvent banks. The discussions also covered the Agency's efforts to strengthen consolidated supervision, tighten related-party transactions, and bring prudential norms in line with Basel standards.

Furthermore, the delegation participated in the launch of a new initiative for financing women entrepreneurs called the "Women Entrepreneurs Finance Initiative/We-FI Code" by the European Bank for Reconstruction and Development (EBRD). This pilot project aims to support women entrepreneurs by increasing their access to financial products and services for the development of their businesses. Kazakhstan became one of the 13 pilot countries participating in the We-Fi Code initiative.

 

External Communications Division

+7 (727) 237 1089, press@finreg.kz