"Atameken" proposes to send money of quasi-public companies to the real sector of the economy

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At the meeting of Mazhilis of Parliament RK, the Head of NCE RK Timur Kulibayev told about measures on SMEs crediting system restart, without which further development of entrepreneurship is impossible.

"The reorganization of big banks was performed. Since there is no long-term financing from banks the question of financing is still open. The banks simply have no opportunity, there is only a short-term liquidity. We don't take foreign lending. There are two options where to get long-term money. The first one is the the population deposits, but the problem is that a part of deposits is kept in dollars and we need to enhance the credibility of the national currency. The Second one – deposits of legal entities – the quasi-public sector. These deposits amount about 6 trillion tenge, still they are all short and can not be used as the basis of funding of the modernization of the economy" - said Timur Kulibayev.

The Chairman of the Presidium of NCE questioned the effectiveness of the financial policy of quasi-public sector. He proposed to handle the situation with the financial position of quasi-public sector, noting that the company was originally created as development institutions for the diversification of the economy.

Timur Kulibayev proposed to explore the possibility of using these deposits as a "long" liquidity. The same applies to the UAPF funds that were originally intended to be a source of "long money" for the stock market.

"The stock market "fell down", it disappeared just like the resources for the stock market" - said Timur Kulibayev.

Timur Kulibayev also said about the possibility of creating a "project management office" under the Government of Kazakhstan, which will deal with the systemic issues of modernization of the economy. Long-term financing is prescribed for this purpose: KDB, "Kazagro".

The Chairman of the Presidium of "Atameken" suggested to organize crediting of agro-industrial complex on the principle of "one window".

"There is "Damu" and there is "KazAgro" which has five or six "offshoots"... We want it all to gather in one place. There are, of course, a large agricultural enterprises, but now more than half of agricultural products are being produced on private farms. We can't ignore the fact that 43% of Kazakhstanis are living in the countryside. We should continue to expand the microcredit system to provide good conditions for young people from countryside. And we do it. We want to allow the villagers to obtain all the necessary business services through the "one window" system from training, recruitment, pre-feasibility study business plans development and the subsequent maintenance" - said Timur Kulibayev.

According to him, the effectiveness of the proposed measures is confirmed by the results of the project "Bastau", thanks to which the self-employed and the unemployed people could start their own business. Timur Kulibayev also noted that the cooperation of private farms is an effective way of developing rural entrepreneurship.