Participation of the Kazakh delegation in the Spring sessions of the World Bank and the International Monetary Fund

Washington, April 19, 2024 – From April 15 to 19, 2024, a Kazakh delegation comprising Timur Suleimenov, Chairman of the National Bank of the Republic of Kazakhstan, and Madina Abylkassymova, Chair of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, participated in the annual Spring session of the World Bank and the International Monetary Fund.

The meetings with the heads of the World Bank, the IMF, international financial institutions, and the U.S. Chamber of Commerce facilitated detailed discussions on a wide range of issues concerning bilateral and multilateral economic cooperation.

Throughout these discussions, the Kazakh delegation briefed their counterparts on the primary provisions of President Tokayev's reforms and the objectives of the new Kazakh Government. These objectives are focused on promoting sustainable economic development, enhancing the investment climate, and improving the welfare of the people.

One of the most important topics discussed during the Spring Session meetings was the accelerated recovery of the regions of Kazakhstan affected by flooding. Representatives of the World Bank expressed their readiness to support the Government of the Republic of Kazakhstan in restoration efforts using the Bank's available resources. The parties also agreed to sustain fruitful cooperation and exchange experiences in risk management and disaster forecasting. Additionally, during the visit, a meeting was held with Google, where representatives acknowledged the company's willingness to offer digital solutions for forecasting seasonal floods with a high degree of accuracy.

During the conversation with Antonella Bassani, Vice President of the World Bank for Europe and Central Asia, the parties highly appreciated the close cooperation between Kazakhstan and the World Bank Group and highlighted the successful implementation of a set of measures to improve fiscal policy of Kazakhstan. Antonella Bassani positively noted the growing role of Kazakhstan in the region and the measures taken to ensure macroeconomic stability in the country.

Meetings were also held at the World Bank site with the heads of foreign financial institutions, including the central banks of Austria, Turkey, and Hungary, as well as with Christine Lagarde, President of the European Central Bank.

During the negotiations between the Kazakh delegation and the leadership of international rating agencies such as Moody's and Standard & Poor's, the partners were Briefed on the results and prospects for the development of Kazakhstan's economy, monetary policy, and the financial market of Kazakhstan.

At a round table with members of the US-KZ Business Council, the Kazakh delegation discussed in detail trade and economic relations with the United States, reforms aimed at improving the business climate in Kazakhstan, and the necessity for infrastructure development along the Middle Corridor.

Additionally, within the framework of the Spring sessions, a presentation of the report on the development of the Middle Corridor, prepared by the Bank, took place at the World Bank site. The event was attended by representatives of delegations from the South Caucasus countries, the US Department of State, USAID, and others.