Publication: Monitor Volume: 2 Issue: 141

The International Monetary Fund’s board of directors has approved a $446 million credit line to support Kazakhstan’s economic reforms in 1996-98. Noting recent improvements in Kazakhstan’s economic performance, the IMF approved the three-year reform program aimed inter alia at reducing annual inflation from 60 to 10 percent, achieving a minimum 2 percent GDP growth, and substantially increasing budget revenues. Kazakh officials said yesterday that the country’s current gold and hard currency reserves of more than $2 billion may obviate the need for using the entire amount approved by the IMF. But the officials hailed the IMF’s decision for recognizing the country’s reform efforts and enhancing international investor and banking confidence with regard to Kazakhstan. Also yesterday, Kazakh officials announced the approval by the World Bank of a $109 million credit for Almaty’s project to modernize extraction and processing operations at the Uzen oil and gas fields. (International Financial Agency, July 18)

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