Kazakhstan: Nazarbayev Adds Billions More to Bailout Plan

Kazakhstan's government intends to inject an additional $4 billion into the ailing economy over the next two years, President Nursultan Nazarbayev has announced. Addressing a joint session of parliament March 6, Nazarbayev said that only "decisive" action could safeguard society against the "onslaught" of the global economic crisis.

Nazarbayev insisted the amount was tame in comparison to the other crisis hits countries' rescues packages. Nazarbayev indicated that the bulk of the new $4-billion outlay would be spent on public works. Some $18 billion has already been allocated for economic stabilization measures since late last year, he said. [For background see the Eurasia Insight archive].

"I want you, my dear compatriots, to know that I realize that we all must face an onslaught at this time," the Kazakhstan Today news agency quoted Nazarbayev as saying March 6. "Today is difficult, I don't promise that tomorrow will be easier but a turnaround is inevitable."