From: Vladic Ravich (vravich@sorosny.org)
Date: Wed Nov 17 2004 - 10:51:25 EST
KAZAKH PRESIDENT SETS SEVEN TASKS FOR FINANCIAL SECTOR...
President Nursultan Nazarbaev told the Fourth Congress of Financial
Professionals on 15 November in Almaty that seven key tasks face the
country's government, National Bank, and Financial Monitoring Agency,
Kazinform reported. The tasks are bringing the securities market up to
modern standards, creating an infrastructure for people to trade on the
stock market, developing a program by 2007 for the creation of an
accumulation pension system, increasing the capitalization of the
financial system, introducing modern risk-management systems, developing
credit cooperatives and microcredit, and creating an international
financial center in Almaty. Nazarbaev also said that in order to
increase activity on the stock market, major state-owned companies
should be gathered into a holding company with the holding company's
shares bought and sold on the stock market, Interfax-Kazakhstan
reported. DK
...AS WORLD BANK PRESIDENT CALLS RISK OF RENEWED CRISIS 'MINIMAL'
World Bank President James Wolfensohn met with President Nazarbaev on 15
November in Almaty to discuss structural reforms in the Kazakh economy
and the economic situation in the region, Kazakh TV reported. At a press
conference the same day, Wolfensohn said, "The risk of a repetition of
the 1998 Asian crisis in Kazakhstan is minimal, although the possibility
exists, as in any other country with a transitional economy,"
"Kazakhstan Today" reported. Wolfensohn also noted that Almaty could
soon become the largest financial center in Central Asia. On a more
critical note, Wolfensohn urged Kazakhstan to develop its communications
sector and tighten controls on the banking system. DK
|
