Kazakh Government Approves Set Of Anti-Crisis Measures
The Kazakh Government has approved the set of anti-crisis measures. The measures to support business and ensure stability on the labor market include improving access to funding and increasing tax incentives, as well as reducing business audits and providing employment. In particular, within the ‘Economy of simple things’ soft loan program, the lending will be expanded to 1 trillion tenge (US$2.3 billion), and the list of priority goods for lending will be supplemented. The final loan rate will be six percent. The banks and microfinance institutions must provide a 90 day extension of credit payments to individual entrepreneurs and small businesses starting March 16th.
“The government will take unprecedented measures to support enterprises of small, medium-sized and large businesses to further increase domestic production and reduce the national economy dependence of on imports. The lending volume to the national economy will be significantly increased to promote production and saturate the local market. In addition, we oblige banks not to impose fines and penalties for late payments because borrowers will unavoidably face the financial problems due to the state of emergency,” said Kazakh Prime Minister Askar Mamin on a press briefing.