OREANDA-NEWS. January 20, 2011. Presenting a draft statement of economic development for 2011 [jointly prepared by the Government, National Bank and the Agency for Financial Supervision], Minister of Economic Development and Trade Ms. Zhanar Aitzhanova said that GDP growth in 2011 is expected at 4-5%, with inflation rate standing at 6-8%.

According to her, economic policy in 2011 will be targeted at ensuring competitive ability of the national economy, implementing economy diversification programs, primarily the program of accelerated industrial development, developing human capital through better education and healthcare services and language development policy.

Besides, the government policy will be focused on regulating pricing in the internal markets and ensuring price stability.

“The Government will be taking further measures to support vulnerable population:…starting from Jan 1 pensions have been increased by 30%... and salaries of public sector employees will also grow by 30%”.

When it comes to accession into the WTO, “one of foreign economic policy priorities will be soonest accession into the WTO in close cooperation with the Customs Union partners”, Z. Aitzhanova said.

The Minister noted that agreements reached within the Common Economic Space enable the member states to enjoy concerted principles of macroeconomic policy, common regulations for state support to industrial and agribusiness enterprises, non-discrimination access to the transport infrastructure of each other, as well as free movement of services, capital and labour force.

The nation’s international reserves made up USD 59 billion, 24% up against the start of 2010, announced vice president of the National Bank Bisengali Tadjiyakov. “Net international reserves of the National Bank made up USD 27.7 billion, with assets of the National Oil Fund standing at USD 30.6 billion”.

According to him, the currency market was stable throughout 2010, with the tenge exchange rate as of the end of the year making up KZT 147.5 for USD 1.