KAZAKHSTAN PREPARED FOR NEW WAVE OF FINANCIAL CRISIS - NAZARBAYEV
Astana. May 23. Interfax-Kazakhstan - Kazakhstan is prepared for a second wave of the global financial crisis, the country's president Nursultan Nazarbayev said.
"Of course, Kazakhstan felt the crisis. We learnt a lesson from the crisis that easy loans are a honey trap. We should stop living on credit as we do now," Nazarbayev said at the 5th Astana Economic Forum on Wednesday.
According to him, economic growth should be supported by the creation of jobs and development of infrastructure.
"Many say the second wave of the crisis is coming. The first wave has been going on for five years and the second wave is not visible yet. Nonetheless, we have made the necessary precautions. We have special plans of what we will do if the oil price falls to 40-50 dollars a barrel," Nazarbayev said.
"In all these years we have accumulated our oil and gas revenues in a special national welfare fund. The fund, including the reserves of the National Bank, now amounts to $86 billion or more than 40% of our GDP. This is our financial cushion," the president emphasized.