Ablay Myrzakhmetov: "It is necessary to ensure the dismantling of state capitalism in the business"

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The reduction of the share of the state in the economy, which was announced by the Government, should be implemented in the coming years

"When we talk about structural reforms, it is important to observe sequence. They said that we will reduce the share of Government in the economy, let's go to the end. It is important that small and medium businesses develop. After the difficult decisions on the exchange rate was adopted, it is important not to disappoint the expectations of the population and business. In the next two or three years, we have to fulfill it", - said Ablay Myrzakhmetov.

He noted that the measure will require enormous effort, will and responsibility of the Government and relevant state agencies.

"We announced that we will dismantle the existing state capitalism, it is necessary to ensure the process not matter what national companies and JVs it concerns. Last year we examined: there are more than 7000 LLP, JSC, RSE, PCG, which are state run. By assets, the state takes 40-50 percent of the economy. It seems to me, it is not the best indicator", - said the Chairman of the NCE.

Myrzakhmetov stressed the need to seriously analyze all state programs.

"Do you know in what situation we got? 10 large commercial banks say that in recent years they are more dependent on "Damu" Fund, which operates state programs, than on the National Bank. What does it say? The fact that the business is strongly "hooked" to the state programs. Now we get a signal - the budget doesn’t have these funds. We cannot rely on such measures of state support anymore", - he said.

The Chairman of the Board of NCE stressed that in case of abandoning such a policy, it is reasonable to raise the question of reducing the tax burden for all entrepreneurs and to ensure the availability of low-cost "tenge liquidity" (free cash flow).

"This is extremely important. If we do not solve these things, there will be growth of small and medium enterprises", - he concluded.