Kazakhstan can resist economic recessions - Nazarbayev

Astana. December 19. Kazakhstan Today - Owing to the right economic strategy and the created stocks of gold and exchange currency reserve of the National Fund we can resist, smooth cyclic recessions of economic without special efforts and provide stable growth of the country. The President of Kazakhstan Nursultan Nazarbayev said addressing the solemn assembly devoted to the 16th anniversary of independence of the Republic, the agency reports.

"Gold and exchange currency reserves of the country, including the resources of the National Fund total $40 billion. We did everything so that public finances and private bank system became tolerant to external shocks," N. Nazarbayev emphasized.

"Having gone through two tests, today our economy is under the influence of new crisis, which has swept the world due to difficulties in hypothecary sector of the USA. In conditions when there were cases of default, even bankruptcies of some large financial institutions in the West, the Kazakhstan financial system has proved to be stable and effectively functioning," the President emphasized.

"Prompt growth of our economy promotes growth of manufacture and consumption. It increases its need for investments. In this connection, the government and the National Bank have carried the detailed analysis of influence of external conjuncture and developed counter-measures," N. Nazarbayev said.

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