IMF Urges Fiscal Reform in Kazakhstan

Kazakhstan’s government is relying too heavily on a national rainy-day fund to cover operating deficits, increasing the country’s exposure to risks that could cause an economic shock. To mitigate against those risks, the International Monetary Fund is recommending that Astana establish an independent fiscal council, along with more stringent policy guidelines, to “limit discretionary spending.” The recommendations are contained in the IMF’s Final Statement of its 2024 Article IV Consultation Mission, issued in early…