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Government approves Anti-inflationary Response Package

Tuesday, 07 September 2021, 10:35:07

The Anti-inflationary Response Package was considered at the government session chaired by the Prime Minister of the Republic of Kazakhstan Askar Mamin.

Minister of National Economy Aset Irgaliyev, Chair of the National Bank Erbolat Dossaev, Chair of the Agency for Protection and Development of Competition Serik Zhumangarin, First Vice Minister of Agriculture Aidarbek Saparov, Vice Minister of Trade and Integration Yerzhan Kazanbayev presented their reports.

In order to solve the task set in the Address of the Head of State Kassym-Jomart Tokayev to prevent inflation growth, the government has developed a set of anti-inflationary response measures for the short and medium term.

As part of the swift action to curb food inflation, concrete steps will be taken to stabilize prices throughout the sector's value chain.

The purchase of socially significant food products will be organized, the role of JS NC Food Contract Corporation in ensuring stable and predictable prices for raw materials for processors of agricultural products will be expanded.

The mechanisms for subsidizing and preferential lending to producers will be expanded, and the subsidy rates for the construction of infrastructure for storing agricultural products will be increased.

The rent for the distributors of socially important products will be reduced.

The creation of a single register of manufacturers in the country and the launch of an analytical platform for monitoring prices will allow us to immediately respond to local outbreaks of inflation.

As part of measures to curb the inflation rate for non-food products, it is envisaged to introduce, if necessary, restrictions on the export of raw materials and materials for which there is a deficit or an increase in prices in the domestic market.

Comprehensive tariffs for medical services and price caps for a range of medical products will be approved in advance.

Specific measures will be implemented to increase production with a high level of inflation imports, incl. building materials and light industry products.

Within the framework of monetary policy, the focus on the implementation of anti-inflationary measures will be strengthened, incl. by strengthening control over the volume of liquidity in the economy.

“All these measures will allow to promptly stabilize prices for non-food products and paid services and ensure control over the general level of inflation by the end of this year,” Mamin said.

The Head of Government instructed state bodies and organizations, local executive bodies to immediately start implementing the measures, the Ministry of National Economy — to monitor the progress of their implementation.


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