Azernews.Az

By Nigar Abbasova

Kazakhstan will allocate huge funds to support small and medium-scale entrepreneurship in the country.

President Nursultan Nazarbayev instructed the government to allocate additional 240 billion Kazakh tenges (nearly $712 million) in the second half of 2016 to stimulate the economic growth in the country.

Funds are expected to be directed for the provision of support to small and medium-sized businesses, lending and implementation of programs of individual housing construction.

Financial means will also be allocated for the implementation of a number of infrastructural projects including improvement of life quality in rural areas, completion of the ferry crossing at the Kuryk port and modernization of Astana airport.

Measures are expected to give a stimulus for the growth of the country’s economy.

Kazakhstan's economy depends heavily on the oil sector. It accounts for an estimated 20 percent of GDP, 50 percent of fiscal revenues, and 60 percent of exports

Among the major trading partners of Kazakhstan are Russia, U.S., Uzbekistan, China, Turkey, U.K., Germany and Ukraine. Kazakhstan major exports include the oil, ferrous and nonferrous metals, machinery, chemicals, grain, wool, meat, coal. Major imports of the country are machinery and parts, industrial materials, gas, and vehicles.

The official exchange rate of the US dollar and euro to Kazakh tenge was set at 337.65 tenge and 378.71 tenge respectively on June 15.

--

Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz