Kazakh Prime Minister Olzhas Bektenov and Deputy Managing Director of the International Monetary Fund (IMF) Bo Li confirmed their intention to strengthen partnership in all areas of interaction during their meeting on Sept. 16.

Long-term partnership with the IMF is important for ensuring Kazakhstan’s economic stability and high-quality sustainable growth of the national economy. Bo Li and Olzhas Bektenov. Photo credit: Prime Minister’s press service.

During the talks, the sides discussed cooperation in the financial and economic spheres. The meeting participants underlined the strategic importance of the interaction between Kazakhstan and the IMF. Positive outcomes from collaborative efforts on structural reforms, fiscal policy development, and Kazakhstan’s financial sector demonstrate the high value of collaboration, reported the Prime Minister’s press service.

Bektenov and Bo Li noted that the IMF Regional Center for Capacity Development for the Caucasus, Central Asia, and Mongolia, opened in Almaty last year, has provided a new impetus to bilateral and regional dialogue on maintaining global financial stability.

On Sept. 9, the international agency Moody’s upgraded Kazakhstan’s ratings to Baa1 from Baa2 and changed the outlook to stable from positive.  

The given rating, according to the sides, is the highest since the country’s independence. It confirms the ongoing improvement of the institutional environment and the sustainability of the pace of economic diversification.

Bo Li expressed interest in continuing close and constructive cooperation with Kazakhstan to develop the country’s economy and improve the people’s well-being.

Kazakhstan has been a member of the IMF since 1992. A long-term partnership with the IMF is important for ensuring the country’s economic stability and high-quality, sustainable growth.