Kazakh president orders urgent preparation of anti-crisis plan due to situation on global markets

ASTANA. April 9 (Interfax) - Kazakh President Kassym-Jomart Tokayev has held a meeting on the deterioration of the situation on the global markets due to tariff conflicts, the presidential press service said.

In the meeting, which was attended by the prime minister, the head of the National Bank and other officials, Tokayev ordered prompt completion of the work on the plan of actions of the government and local bodies of executive authority in a situation of a financial and economic crisis to prevent growth slowdown and a decrease in the volume of investment.

"The president said that the priorities of the country's economic development, including large infrastructure projects, digitalization and development of artificial intelligence, modernization of agriculture and the transport and logistics sector, will be implemented despite the extremely unfavorable situation on the markets," the press service said in a statement.

The president is expected to hold a special meeting on this matter next week.

Kazakh Deputy National Economy Minister Serik Zhumangarin told a briefing in the parliament on Wednesday the Kazakh government is working on scenarios to optimize the budget if the oil price declines to $55 and $50 per barrel.

The government has three development scenarios, he said. The current forecast scenario is based on an oil price of $75 per barrel and the dollar rate of 470 tenge. Zhumangarin also said there is a crisis plan for an oil price of $60 per barrel and scenarios are being prepared for an oil price of $55 and $50 per barrel. The government has a clear understanding of "what budget expenditures will be reduced," he said.

According to the most recent information, the Brent price went below $59 per barrel on Wednesday for the first time since February 2021 amid escalating trade tension.

The official rate for April 9 is 518.57 tenge/$1.